Answer:
Approximately
7.5
hours
Step-by-step explanation:
Explanation:
We are trying to determine the value of
h
in the compound growth formula
XXX
20
×
(
1
+
0.85
)
h
=
2000
or, simplified:
XXX
1.85
h
=
100
Taking the
log
1.85
of both sides:
XXX
log
1.85
100
With the aid of my trusty spreadsheet:
XXX
h
≈
7.48582192
Answer:
1 1/2
Step-by-step explanation:
3^3/7 ≈ 1.601
1.601 rounded to the nearest half is 1 1/2.
Answer: Ben will have the most interest.
Step-by-step explanation:
Ali after 3 years.
To use compound interest, the formula is:
= Investment * ( 1 + rate) ^ no. of periods
= 2,000 * ( 1 + 2.5%)³
= £2,153.78
Interest = Amount after 3 years - investment
= 2,153.78 - 2,000
= £153.78
Ben after 3 years.
= 1,600 * (1 + 3.5%)³
= £1,773.95
Interest = 1,773.93 - 1,600
= £173.93
