Use the function f=d+1 to find the value of f when d=5.
1 answer:
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Answer:
9.694 years
Step-by-step explanation:
Let the investment is $P.
So, we are asked to determine the time it will grow to triple with the compound interest rate of 12%.
Let the time is y years.
So, from the formula of compound interest we can write
⇒
⇒
Now, taking log both sides we get,
y log 1.12 = log 3 {Since, }
⇒ 0.04922y = 0.477712
⇒ y = 9.694 years (Answer)
Let as described in the problem statement. Plugging in
and
gives us the equations
and
Since
are nonzero, we divide the second equation by the first to get
which means that
after taking the cube root. Plugging this value for
into the first equation, we now have
Solving gives
and our desired exponential equation is