5. 4 friends have a $20 coupon to help pay for their dinner. The total bill
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The money will be triple after 15 years and 303 days.
What is compound interest?
Compound interest, also known as interest on principal and interest, is the practice of adding interest to the principal amount of a loan or deposit.
Given:
Principle (P) = $10,000
The amount will be triple.
So, Amount (A) = $30,000
Rate (r) = 7% = 0.07
The interest is compounded quarterly.
n = 4
We have to find the value of t.
Let,
Apply logarithm on both sides,
Hence, the money will be triple after 15 years and 303 days.
To know more about compound interest, click on the link
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