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AlladinOne [14]
3 years ago
15

PLEASE HELP!!! WILL REWARD BRAINLIEST!!!

Mathematics
1 answer:
jonny [76]3 years ago
6 0

Answer:

The approximate monthly rate of growth is 1.24%

Step-by-step explanation:

we have the future value formula

F=P(1+r)^t

we have

r=16\%=16/100=0.16 ----> annual interest rate

so

F=P(1+0.16)^t

F=P(1.16)^t

Find the approximate monthly rate of growth

Remember that

1\ year=12\ months

so

Divide the number of periods t by 12

F=P(1.16)^{\frac{t}{12}}

Applying power rules property

F=P(1.16^\frac{1}{12})^t

F=P(1.0124)^t}

1.0124-1=0.0124

Convert to percentage

0.0124*100=1.24\%

therefore

The approximate monthly rate of growth is 1.24%

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1 year ago
How long will it take Birr 500
notka56 [123]

It would take 25 years for Birr 500 to quadruple if invested at a rate of 12% simple interest per annum.

<h3 /><h3>Simple interest formula</h3>

Using the simple interest formula A = P(1 + rt) where

  • P = princial amount = Birr 500,
  • A = final amount = 4P (since it is quadrupled),
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<h3 /><h3>Finding the time it takes to quadruple </h3>

Since we require t, making t subject of the formula, we have

t = [(A/P) - 1]/r

Substituting the values of the variables into the equation, we have

t = [(A/P) - 1]/r

t = [(4P/P) - 1]/0.12

t = [4 - 1]/0.12

t = 3/0.12

t = 25 years

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Learn more about simple interest here:

brainly.com/question/25793394

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<img src="https://tex.z-dn.net/?f=%5Csqrt%5B3%5D%7B32%7D" id="TexFormula1" title="\sqrt[3]{32}" alt="\sqrt[3]{32}" align="absmid
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If you would like it in numbers it would be 16.970562748

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