/*! This file is auto-generated */ .wp-block-button__link{color:#fff;background-color:#32373c;border-radius:9999px;box-shadow:none;text-decoration:none;padding:calc(.667em + 2px) calc(1.333em + 2px);font-size:1.125em}.wp-block-file__button{background:#32373c;color:#fff;text-decoration:none} Q. 347 Simone invests$8,000 in an accou... [FREE SOLUTION] | 91影视

91影视

Log out

Learning Materials

Features

Discover

Chapter 10: Q. 347 (page 1055)

Simone invests$8,000 in an account that compounds interest quarterly and earns 5%. How long will it take for his money to double?

Short Answer

Expert verified

The time taken is13.9years

Step by step solution

01

Given information

Given the investment is $8,000 and rate of interest is5%

02

Substitute in the formula for the balance compounded n times

Substituting, we get

A=P1+rnnt16000=80001+0.0544t160008000=(1.0125)4t2=(1.0125)4t(1.0125)4t=2

03

Take logarithm and solve

Taking logarithm, we get

log(1.0125)4t=log24tlog(1.0125)=log2t=log24log(1.0125)t鈮�13.9

Unlock Step-by-Step Solutions & Ace Your Exams!

  • Full Textbook Solutions

    Get detailed explanations and key concepts

  • Unlimited Al creation

    Al flashcards, explanations, exams and more...

  • Ads-free access

    To over 500 millions flashcards

  • Money-back guarantee

    We refund you if you fail your exam.

Over 30 million students worldwide already upgrade their learning with 91影视!

One App. One Place for Learning.

All the tools & learning materials you need for study success - in one app.

Get started for free

Most popular questions from this chapter

In the following exercise, find the inverse of each function.

fx=1x-6

In the following exercises, graph each exponential function.

f(x)=6x

In the following exercise, find the inverse of each function.

fx=8x-34,x鈮�38

Graph: g(x)=(15)x

Verify that the functions are inverse functions.

f(x)=2x+6

g(x)=x-62
See all solutions

Recommended explanations on Math Textbooks

Logic and Functions

Read Explanation

Calculus

Read Explanation

Theoretical and Mathematical Physics

Read Explanation

Geometry

Read Explanation

Statistics

Read Explanation

Mechanics Maths

Read Explanation
View all explanations

What do you think about this solution?

We value your feedback to improve our textbook solutions.

Study anywhere. Anytime. Across all devices.