Discover the answers to your questions at Westonci.ca, where experts share their knowledge and insights with you. Explore thousands of questions and answers from a knowledgeable community of experts ready to help you find solutions. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.
Sagot :
Answer:
n = 290
Step-by-step explanation:
Cq = P[(1 + r) ^ (4n) – 1]
- Cq is the quarterly compounded interest (Triple $1000 = $3000)
- P would be the principal amount ($1000)
- r is the quarterly compounded rate of interest (0.12%)
- n is the number of periods (Unknown)
Let's solve!
Cq = P[(1 + r) ^ (4n) – 1]
$3000 = $1000 * [(1 + 0.12%) ^ (4 * n) - 1]
3 = [(1 + 0.12%) ^ (4 * n) - 1]
3 = (1 + 0.12%) ^ (4 * n) - 1
4 = (1 + 0.12%) ^ (4 * n)
4 = (1 + 0.0012) ^ (4 * n)
4 = (1.0012) ^ (4 * n)
4 = (1.0012) ^ (4n)
Take a log to get rid of the n in the exponent
(1.0012) ^ (4n) = 4
log[(1.0012) ^ (4n)] = log(4)
4n * log(1.0012) = log(4)
4n = log(4) / log(1.0012)
4n = 0.60206 / 0.0005208
4n = 1156.02919
n ≈ 289.007297
Since the question asks how long it will take, you will round up, as it won't be fully tripled by 289, only by 290.
Thank you for choosing our service. We're dedicated to providing the best answers for all your questions. Visit us again. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Thank you for choosing Westonci.ca as your information source. We look forward to your next visit.
