Answer:
n is the least value, q is the greatest value and q is also the closest to zero
Step-by-step explanation:
The time required to get a total amount of $5,900.00 with compounded interest on a principal of $5,000.00 at an interest rate of 5.75% per year 2.899 years
<h3>Compound Interest </h3>
Given Data
Calculation Steps:
First, convert R as a percent to r as a decimal
r = R/100
r = 5.75/100
r = 0.0575 per year,
Then, solve the equation for t
t = ln(A/P) / n[ln(1 + r/n)]
t = ln(5,900.00/5,000.00) / ( 4 × [ln(1 + 0.0575/4)] )
t = ln(5,900.00/5,000.00) / ( 4 × [ln(1 + 0.014375)] )
t = 2.899 years
Learn more about compound interest here:
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