Quantcast

A community for students. Sign up today!

Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

toxicsugar22

  • 3 years ago

What rate of interstis required so that $1000 will yield $1900 after 5 years if the interset rate is compounded monthly. And I got 12.9% Now How long will it take a sum of money to triple if it is invested at 10% compounded daily

  • This Question is Closed
  1. heisenberg
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    there is a formula for this. do you know it / did you use it for the first question?

  2. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    yes it is A=P(1+r/n)^nt

  3. heisenberg
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    ok so: r = .10 n = 365 A = 3*P \[3*P = P*(1+\frac{.1}{365})^{.1*t}\]solve for t.

  4. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    so what do we do know

  5. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    do i divide by 3

  6. heisenberg
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    well you can start by dividing by P to get rid of it. then you will need to solve for t, which will involve using logarithms.

  7. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    so 3=p(1+10/365)^365/t

  8. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    is it right

  9. heisenberg
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    no. after dividing by P:\[3= (1+\frac{.1}{365})^{.1*t}\]

  10. heisenberg
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    then you must use logarithms. I use ln which is log_e, the natural log. \[\ln(3)= .1*t*\ln(1+\frac{.1}{365})\] then solve for t.

  11. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ok can you help me do that it really hard for me

  12. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    please

  13. heisenberg
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    so remember, what you do to one side of the equation, you must do to the others. since we want t by itself, we can divide by the other terms to isolate it, like so: \[\frac{\ln(3)}{\ln(1+\frac{.1}{365})} = .1*t\] then divide by .1 and you will have t by itself.

  14. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ok can u help more

  15. heisenberg
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    what do you not understand?

  16. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    the log

  17. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    its so complicated

  18. heisenberg
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    can you use a calculator?

  19. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    maybe if you go step by step with me then i will get it

  20. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    yes i can use a calc.

  21. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i can but i still need help

  22. heisenberg
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    take the log(3), then divide by the other log. then divide by .1

  23. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ok log 3 is .47712125

  24. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    now i divide by what

  25. heisenberg
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    log(1+.1/365)

  26. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i got 1.18968

  27. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    is it right

  28. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    is it right

  29. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i got .4010500723

  30. heisenberg
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    how did you get 1.18968? you must do the inside of the parentheses first. here is it in an online calculator: http://www.wolframalpha.com/input/?i=log%281%2B.1+%2F+365%29&a=*FunClash.log-_*Log10.Log-

  31. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ok But isnt it .10 instead of .1

  32. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    because it wat to know How long will it take a sum of money to triple if it is invested at 10% compounded daily

  33. heisenberg
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    those are the same number! .1 = .10 = .100 = .10000000

  34. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    so what is the answere

  35. heisenberg
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    can you not calculate it? it would be better then me just giving it to you.

  36. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    i tried

  37. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ut i got a weird answer and im not sure i got it right

  38. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    it 40104.8

  39. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    is that it

  40. heisenberg
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    that doesn't seem right though, heh. does it?

  41. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    no it doesnt

  42. heisenberg
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    because i messed up! it is n*t, not r*t. so you should not divide by .1, but by 365

  43. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ok

  44. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    so now can u help again

  45. heisenberg
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    you should try and do these yourself on a calculator. you can type it in on this site if you want even. http://www.wolframalpha.com/input/?i=log%283%29+%2F+log%281%2B.1+%2F+365%29+%2F+365&a=*FunClash.log-_*Log10.Log-

  46. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    yes

  47. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    You do it also and then we will compare aur answers

  48. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    okay

  49. heisenberg
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    i just did it. click on that link. it is an online calculator.

  50. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ok i got 10991.6

  51. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    is that what you got

  52. heisenberg
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 1

    no. click on the link to see. http://www.wolframalpha.com/input/?i=log%283%29+%2F+log%281%2B.1+%2F+365%29+%2F+365&a=*FunClash.log-_*Log10.Log-

  53. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    ok thanks

  54. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    im going to give you a medal and be your fan if you be my fan

  55. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    do u agree

  56. toxicsugar22
    • 3 years ago
    Best Response
    You've already chosen the best response.
    Medals 0

    u there

  57. Not the answer you are looking for?
    Search for more explanations.

    Search OpenStudy
    • Attachments:

Ask your own question

Ask a Question
Find more explanations on OpenStudy

Your question is ready. Sign up for free to start getting answers.

spraguer (Moderator)
5 → View Detailed Profile

is replying to Can someone tell me what button the professor is hitting...

23

  • Teamwork 19 Teammate
  • Problem Solving 19 Hero
  • You have blocked this person.
  • ✔ You're a fan Checking fan status...

Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.

This is the testimonial you wrote.
You haven't written a testimonial for Owlfred.