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.
Step 1: x²-15=2x
step 2: x²-2x-15=0
step 3: (x-5)(x+3)=0
step 4: x-5=0 or x+3=0
step 5: x=5 of x=-3
0 = -5n - 2n
0 = -7n <em>|divide both sides by (-7)</em>
<u>n = 0</u>
Answer:
coordinate points
Step-by-step explanation:
variables: a symbol for a value we don't know yet. ex: x or y
numbers: I hope you know what they are cuz i dunno how to describe it ex: 2
coordinate points: a set of numbers that show position on a graph ex: (2,4)
operations: adding, subtracting, multiplying, dividing