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Shkiper50 [21]
3 years ago
13

A bank advertises that it compounds money quarterly and that it will take Double your money in 10 years. what is the interest-ra

te?
Mathematics
1 answer:
S_A_V [24]3 years ago
3 0

The interest rate is 6.992%, if a bank advertises that it compounds money quarterly and that it will take Double your money in 10 years.

Step-by-step explanation:

The given is,

                          Compounds money quarterly

                          Double your money in 10 years

Step:1

              Formula to calculate future investment with compounded quarterly,

                                                        A =P(1+\frac{r}{n} )^{nt}...............................(1)

              Where, A - Future amount

                           P - Initial investment\

                            r - Rate of interest

                            n - No. of compounding in a year

                             t - No. of years

Step:2

               Let, P = X

                      A = 2X ( Double your money )

              From given, n - 4 ( for compounding quarterly )

                                    t - 10 years

               From equation (1)

                                                        2X =X(1+\frac{r}{4} )^{(4)(10)}

                                                         \frac{2X}{X}  =(1+\frac{r}{4} )^{(4)(10)}

                                                            2  =(1+\frac{r}{4} )^{40}

          Take root 40^{th} root on both side,

                                                         \sqrt[40]{2} = (1+\frac{r}{4} )

                                            1.017479692 = (\frac{4+r}{4} )

                                     (1.017479692)(4) = (r+4)

                                                  4.06992=(r+4)

                                                              r = 4.06992 -4

                                                              r =( 0.06992)(100)

                                                              r = 6.992 %

Result:

             The interest rate is 6.992%, if a bank advertises that it compounds money quarterly and that it will take Double your money in 10 years.

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