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.
<span>A+B)^2 is the largest. It is A^2+2AB+B^2, which is clearly greater than the last two options. To compare (A+B)^2 and 2(A+B), we remove one A+B so that we're just comparing A+B and 2. As A+B must be at least 3 (as both must be positive integers, and one must be greater than the other, leading to a minimum value of A=2, B=1), A+B is greater than 2, and as a result, (A+B)^2 is always the largest.</span>
Answer:
B is the correct answer.
Step-by-step explanation:
1. 1000 2. 0.001. hope this helps.
3 + (2 + 8)^2 / 4 * (1/2)^4
3 + 10^2 / 4 * (1/2)^4
3 + 100/4 * (1/2)^4
3 + 25 * 1/16
3 + 25/16
48/16 + 25/16
73/16
4 9/16 <==