Answer:
Solving the equation using quadratic formula we get
Step-by-step explanation:
We need to solve the equation using quadratic formula.
The quadratic formula is:
where a=1, b=-8 and c=41
Putting values in formula and finding x
So, Solving the equation using quadratic formula we get
Answer:
9.694 years
Step-by-step explanation:
Let the investment is $P.
So, we are asked to determine the time it will grow to triple with the compound interest rate of 12%.
Let the time is y years.
So, from the formula of compound interest we can write
⇒
⇒
Now, taking log both sides we get,
y log 1.12 = log 3 {Since, }
⇒ 0.04922y = 0.477712
⇒ y = 9.694 years (Answer)