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Vera_Pavlovna [14]
2 years ago
6

How long will it take a $1000 investment to triple in value at a .12% rate of return, compounded quarterly?

Mathematics
1 answer:
SashulF [63]2 years ago
3 0

Answer:

n = 290

Step-by-step explanation:

Cq = P[(1 + r) ^ (4n) – 1]

  • Cq is the quarterly compounded interest (Triple $1000 = <u>$3000</u>)
  • P would be the principal amount <u>($1000)</u>
  • r is the quarterly compounded rate of interest <u>(0.12%)</u>
  • n is the number of periods <u>(Unknown)</u>

<u />

Let's solve!

Cq = P[(1 + r) ^ (4n) – 1]

$3000 = $1000 * [(1 + 0.12%) ^ (4 * n) - 1]

3 = [(1 + 0.12%) ^ (4 * n) - 1]

3 = (1 + 0.12%) ^ (4 * n) - 1

4 = (1 + 0.12%) ^ (4 * n)

4 = (1 + 0.0012) ^ (4 * n)

4 = (1.0012) ^ (4 * n)

4 = (1.0012) ^ (4n)

Take a log to get rid of the n in the exponent

(1.0012) ^ (4n) = 4

log[(1.0012) ^ (4n)] = log(4)

4n * log(1.0012) = log(4)

4n = log(4) / log(1.0012)

4n = 0.60206 / 0.0005208

4n = 1156.02919

n ≈ 289.007297

Since the question asks how long it will take, you will round up, as it won't be fully tripled by 289, only by 290.

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