The first step to determining the answer to this item is to calculate for the effective interest using the equation,
ieff = (1 + i/m)^m - 1
where ieff is the effective interest, i is the given interest and m is the number of compounding period.
Part A: m in this item is equal to 12.
Substituting,
ieff = (1 + 0.10/12)^12 - 1 = 0.1047
The amount of money after n years is calculated through the equation,
An = A(1 + ieff)^n
If An/A = 2 then,
2 = (1 + 0.1047)^n
The value of n is 6.96 years
Part B: For the continuously compounding,
An = Ae^(rt)
An/A = 2 = e^(0.10t)
The value of t is equal to 6.93 years.
Hence, the answers:
<em>Part A: 6.96 years</em>
<em>Part B: 6.93 years</em>
It is congruent because congruent means everything is equal or same size
Answer:
6.650, 6.68, 6.803, 6.82
Step-by-step explanation:
3 1/4 divided by 8 convert mixed number to an improper fraction
13/4 divided by 8
Dividing is a equivalent to multiplying with the reciprocal
13/4x1/8
Multiply the fractions
13/32
Answer
13/32
