Answer:
Step-by-step explanation:
Answer: it will take 17.5 years to double his money in the account.
Step-by-step explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = $500
A = 500 × 2 = $1000
r = 4% = 4/100 = 0.04
n = 4 because it was compounded 3 times in a year.
Therefore,.
1000 = 500(1 + 0.04/4)^4 × t
1000/500 = (1 + 0.01)^4t
2 = (1.01)^4t
Taking log of both sides, it becomes
Log2 = 4tlog 1.01
0.301 = 4t × 0.0043 = 0.0172t
t = 0.301/0.0172
t = 17.5 years
Step-by-step explanation:
Hope it will help you...
Answer:
It is in simplest form so you leave it like that
Step-by-step explanation:
The formula is (2)(n-4) = n-1/4
Mult both sides by 4:
8n - 32 = 4n -1, or 4n = 31, or n=31/4.
If this is not what you expected, please ensure that you have copied down the original problem correctly. What do you mean by "1/4 less?"
Let's try (2)(n-4) = 1n-(1/4)n = (3/4)n. Then,
2n-8 = (3/4)n, or (5/4)n = 8. Mult. both sides by (4/5), we get:
n = (5/4)(8) = 10. Is that what you were hoping for?
