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3 years ago

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1) Sally needs $20,000 in 4 years. She has $10,000 to invest. If interest is compounded continuously, what rate is required for

Sally to meet her goal?

1 answer:

lesya [120]3 years ago

6 0

Answer:

$17.33\%$

Step-by-step explanation:

we know that

The formula to calculate continuously compounded interest is equal to

$A=P(e)^{rt}$

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest in decimal

t is Number of Time Periods

e is the mathematical constant number

we have

$t=4\ years\\ A=\$20,000\\ P=\$10,000$

substitute in the formula above and solve for r

$20,000=10,000(e)^{4r}$

$2=(e)^{4r}$

Applying ln both sides

$ln(2)=4rln(e)$

$ln(2)=4r$

$r=ln(2)/4=0.1733$

Convert to percentage

$0.1733*100=17.33\%$

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Step-by-step explanation:

$\large\underline{\sf{Solution-}}$

Given expression is

$\rm :\longmapsto\:\displaystyle\lim_{n \to \infty} \frac{n + {n}^{2} + {n}^{3} + - - + {n}^{n} }{ {1}^{n} + {2}^{n} + {3}^{n} + - - + {n}^{n} }$

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$\rm :\longmapsto\:n + {n}^{2} + {n}^{3} + - - - + {n}^{n}$

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$\rm \: = \: \dfrac{n( {n}^{n} - 1)}{n - 1}$

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Now, Consider Denominator, we have

$\rm :\longmapsto\: {1}^{n} + {2}^{n} + {3}^{n} + - - - + {n}^{n}$

can be rewritten as

$\rm :\longmapsto\: {1}^{n} + {2}^{n} + {3}^{n} + - - - + {(n - 1)}^{n} + {n}^{n}$

$\rm \: = \: {n}^{n}\bigg[1 +\bigg[{\dfrac{n - 1}{n}\bigg]}^{n} + \bigg[{\dfrac{n - 2}{n}\bigg]}^{n} + - - - + \bigg[{\dfrac{1}{n}\bigg]}^{n} \bigg]$

$\rm \: = \: {n}^{n}\bigg[1 +\bigg[1 - {\dfrac{1}{n}\bigg]}^{n} + \bigg[1 - {\dfrac{2}{n}\bigg]}^{n} + - - - + \bigg[{\dfrac{1}{n}\bigg]}^{n} \bigg]$

Now, Consider

$\rm :\longmapsto\:\displaystyle\lim_{n \to \infty} \frac{n + {n}^{2} + {n}^{3} + - - + {n}^{n} }{ {1}^{n} + {2}^{n} + {3}^{n} + - - + {n}^{n} }$

So, on substituting the values evaluated above, we get

$\rm \: = \: \displaystyle\lim_{n \to \infty} \frac{\dfrac{ {n}^{n} - 1}{1 - \dfrac{1}{n} }}{{n}^{n}\bigg[1 +\bigg[1 - {\dfrac{1}{n}\bigg]}^{n} + \bigg[1 - {\dfrac{2}{n}\bigg]}^{n} + - - - + \bigg[{\dfrac{1}{n}\bigg]}^{n} \bigg]}$

$\rm \: = \: \displaystyle\lim_{n \to \infty} \frac{ {n}^{n} - 1}{{n}^{n}\bigg[1 +\bigg[1 - {\dfrac{1}{n}\bigg]}^{n} + \bigg[1 - {\dfrac{2}{n}\bigg]}^{n} + - - - + \bigg[{\dfrac{1}{n}\bigg]}^{n} \bigg]}$

$\rm \: = \: \displaystyle\lim_{n \to \infty} \frac{ {n}^{n}\bigg[1 - \dfrac{1}{ {n}^{n} } \bigg]}{{n}^{n}\bigg[1 +\bigg[1 - {\dfrac{1}{n}\bigg]}^{n} + \bigg[1 - {\dfrac{2}{n}\bigg]}^{n} + - - - + \bigg[{\dfrac{1}{n}\bigg]}^{n} \bigg]}$

$\rm \: = \: \displaystyle\lim_{n \to \infty} \frac{\bigg[1 - \dfrac{1}{ {n}^{n} } \bigg]}{\bigg[1 +\bigg[1 - {\dfrac{1}{n}\bigg]}^{n} + \bigg[1 - {\dfrac{2}{n}\bigg]}^{n} + - - - + \bigg[{\dfrac{1}{n}\bigg]}^{n} \bigg]}$

$\rm \: = \: \displaystyle\lim_{n \to \infty} \frac{1}{\bigg[1 +\bigg[1 - {\dfrac{1}{n}\bigg]}^{n} + \bigg[1 - {\dfrac{2}{n}\bigg]}^{n} + - - - + \bigg[{\dfrac{1}{n}\bigg]}^{n} \bigg]}$

Now, we know that,

$\red{\rm :\longmapsto\:\boxed{\tt{ \displaystyle\lim_{x \to \infty} \bigg[1 + \dfrac{k}{x} \bigg]^{x} = {e}^{k}}}}$

So, using this, we get

$\rm \: = \: \dfrac{1}{1 + {e}^{ - 1} + {e}^{ - 2} + - - - - \infty }$

Now, in denominator, its an infinite GP series with common ratio 1/e ( < 1 ) and first term 1, so using sum to infinite GP series, we have

$\rm \: = \: \dfrac{1}{\dfrac{1}{1 - \dfrac{1}{e} } }$

$\rm \: = \: \dfrac{1}{\dfrac{1}{ \dfrac{e - 1}{e} } }$

$\rm \: = \: \dfrac{1}{\dfrac{e}{e - 1} }$

$\rm \: = \: \dfrac{e - 1}{e}$

$\rm \: = \: 1 - \dfrac{1}{e}$

Hence,

$\boxed{\tt{ \displaystyle\lim_{n \to \infty} \frac{n + {n}^{2} + {n}^{3} + - - + {n}^{n} }{ {1}^{n} + {2}^{n} + {3}^{n} + - - + {n}^{n} } = \frac{e - 1}{e} = 1 - \frac{1}{e}}}$

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3 years ago