Answer: x =
Step-by-step explanation: Multiply -36 and 163/9 to get -652. Add 652 to both sides then add 130 and 652 to get 782. Divide both sides by -12 then reduce the fraction 782/-12 to lowest terms by extracting and canceling out 2. The system is now solved.
The money will be triple after 15 years and 303 days.
What is compound interest?
Compound interest, also known as interest on principal and interest, is the practice of adding interest to the principal amount of a loan or deposit.
Given:
Principle (P) = $10,000
The amount will be triple.
So, Amount (A) = $30,000
Rate (r) = 7% = 0.07
The interest is compounded quarterly.
n = 4
We have to find the value of t.
Let,
Apply logarithm on both sides,
Hence, the money will be triple after 15 years and 303 days.
To know more about compound interest, click on the link
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