An unknown capital gets added 5% interest per year by a bank. After how many years does the capital get three times as big, cons idering compound interest? Doesn't necessarily need to be the final answer, I just need to know how to start please.
1 answer:
Answer:
After 23 years , the capital will get three times as big
Step-by-step explanation:
Firstly, let us write the compound interest formula
P = I( 1 + r)^n
Since we are considering a capital rise of 3 times
If I, the initial value is x, the P
value later will be 3x
Interest rate is 5/100 = 0.05
so we need the value of t
This will be;
3x = x(1 + 0.05)^t
3= 1.05^t
ln 3 = t ln 1.05
t = ln 3/ln 1.05
t = 23 years
You might be interested in
Answer: B
Step-by-step explanation:
Answer:
$0.75
Step-by-step explanation:
if Felix wants 1/4 kilogram of marmalade and it cost $3 per kilogram, you divide 3/4= 0.75
It’s ether 138.6 or 101.4. 123 rounded to the nearest tenth is 120 so you ether add or subtract
To simplify this improper fraction we can turn it into a mixed number. The fact that the denominator is 2 and the numerator isn't divisible by 2 shows that it can't simplified any further as a improper fraction.
23/2 = 11 1/2
Best of Luck!
Answer:
V(t) = 2500(0.86)^t where t = the year.
Step-by-step explanation:
Each year the value will be 100 - 14 = 86% ( - 0.86) of the previous year.
