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,
![\sqrt[40]{2} = (1+\frac{r}{4} )](https://tex.z-dn.net/?f=%5Csqrt%5B40%5D%7B2%7D%20%3D%20%281%2B%5Cfrac%7Br%7D%7B4%7D%20%29)





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.
Answer:
<em>Equation; y = 1 3 / 7x - 5 / 7</em>
Step-by-step explanation:
First consider the slope of this equation we must derive;
Slope Formula = Rise / Run,
y2 - y1 / x2 - x1 ⇒
5 - ( - 5 ) / 4 - ( - 3 ) ⇒
10 / 7 ⇒ Slope : 1 3 / 7
So far we can formulate an equation as such;
y = 1 3 / 7 * x + b, <em>where b ⇒ y - intercept</em>
Given one of the points, substitute into this equation solving for b;
5 = 1 3 / 7 * ( 4 ) + b,
5 = 40 / 7 + b,
b = - 5 / 7
From this we can derive one point - slope from equation to be :
<em>Equation; y = 1 3 / 7x - 5 / 7</em>
Answer:
8 miles per hour (mph)
Step-by-step explanation:
24/3 = 8
Check:
8mph x 3 hours = 24 miles
Answer:
1) 0.714 × 0.18² or 0.18² × 0.714
2) 1.4 × 0.02² or 0.02² × 1.4
Answer:
The answer is (0,1)
Step-by-step explanation: