Jonah has 3 red marbles, 2 blue marbles, 6 green marbles, and 6 yellow marbles in a bag. If he draws a marble from the bag witho
2 answers:
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Answer:
The rate is needed is 1.037%.
Step-by-step explanation:
Given : Suppose $1,500 is compounded weekly for 46 years. If no other deposits are made.
To find : What rate is needed for the balance to triple in that time?
Solution :
Applying compound interest formula,
Where, P is the principal
A is the amount
The balance to triple in that time i.e. A=3P
r is the rate
t is the time t=46 years
Compounded weekly so n=52
Substitute the value in the formula,
Taking log both side,
Taking exponential both side,
Into percentage,
Therefore, the rate is needed is 1.037%.