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Answer:
- annually: 9.01 years
- monthly: 8.69 years
- daily: 8.67 years
- continuously: 8.66 years
Step-by-step explanation:
For interest compounded in discrete intervals, the formula is ...
A = P(1 +r/n)^(nt)
We want to find t for P=1 and A=2, so we have ...
2 = (1 +r/n)^(nt)
ln(2) = nt·ln(1+r/n)
t = ln(2)/(n·ln(1+r/n))
A table of values for r=0.08 is attached.
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For continuous compounding, the formula is ...
A = Pe^(rt)
t = ln(A/P)/r = ln(2)/0.08 ≈ 8.66434 . . . . years
__
- annually: 9.01 years
- monthly: 8.69 years
- daily: 8.67 years
- continuously: 8.66 years
Since, it is not given how many coins did Erica buy at the coin show, so, we can suppose that Erica bought "n" coins from the coin show.
Now, we know that Erica already had 6 coins in her coin collection before she went to the coin show and bought the "n" coins.
Therefore, the total number of coins that Erica will have in her possession after buying "n" coins from the coin show will be 6+n.
If you are using a calculator, simply enter 16÷72×100 which will give you 22.22 as the answer.
It would be 9 buddy. Negative divided by negative turns into positive. 45 divided by 5 is 9.