14portia
Answered

Discover a wealth of knowledge at Westonci.ca, where experts provide answers to your most pressing questions. Explore thousands of questions and answers from knowledgeable experts in various fields on our Q&A platform. Join our platform to connect with experts ready to provide precise answers to your questions in different areas.

if gh¢400.00 is deposited at a bank at 10% per annum compounded quarterly, how long will it take the deposit to double it value.​

Sagot :

sqdancefan

9514 1404 393

Answer:

  7 years

Step-by-step explanation:

The multiplier each quarter is 1 +10%/4 = 1.025. The number of quarters, n, that must pass before the value is multiplied by 2 is given by ...

  1.025^n = 2

Taking logarithms, we can solve for n:

  n×log(1.025) = log(2)

  n = log(2)/log(1.025) ≈ 28.071

It will take 28 quarters, or 7 years, for the value to double.

Thank you for trusting us with your questions. We're here to help you find accurate answers quickly and efficiently. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.