Convert to a fraction .674
2 answers:
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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,
...............................(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)
Take root root on both side,
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.
The number of ways when the choice is not relevant is 4
<h3>How to determine the number of ways?</h3>The number of colors are:
Colors, n = 4
The color to choose are:
r = 3
<u>Relevant choice</u>
When the choice is relevant, we have:
This gives
Evaluate
Ways = 24
Hence, the number of ways when the choice is relevant is 24
<u>Not relevant choice</u>
When the choice is not relevant, we have:
This gives
Evaluate
Ways = 4
Hence, the number of ways when the choice is not relevant is 4
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