toxicsugar22
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
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heisenberg
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there is a formula for this. do you know it / did you use it for the first question?
toxicsugar22
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yes
it is A=P(1+r/n)^nt
heisenberg
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ok so:
r = .10
n = 365
A = 3*P
\[3*P = P*(1+\frac{.1}{365})^{.1*t}\]solve for t.
toxicsugar22
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so what do we do know
toxicsugar22
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do i divide by 3
heisenberg
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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.
toxicsugar22
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so 3=p(1+10/365)^365/t
toxicsugar22
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is it right
heisenberg
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no. after dividing by P:\[3= (1+\frac{.1}{365})^{.1*t}\]
heisenberg
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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.
toxicsugar22
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ok
can you help me do that
it really hard for me
toxicsugar22
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please
heisenberg
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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.
toxicsugar22
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ok can u help more
heisenberg
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what do you not understand?
toxicsugar22
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the log
toxicsugar22
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its so complicated
heisenberg
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can you use a calculator?
toxicsugar22
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maybe if you go step by step with me then i will get it
toxicsugar22
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yes i can use a calc.
toxicsugar22
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i can but i still need help
heisenberg
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take the log(3), then divide by the other log. then divide by .1
toxicsugar22
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ok log 3 is .47712125
toxicsugar22
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now i divide by what
heisenberg
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log(1+.1/365)
toxicsugar22
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i got 1.18968
toxicsugar22
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is it right
toxicsugar22
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is it right
toxicsugar22
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i got .4010500723
toxicsugar22
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ok But isnt it .10 instead of .1
toxicsugar22
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because it wat to know How long will it take a sum of money to triple if it is invested at 10% compounded daily
heisenberg
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those are the same number! .1 = .10 = .100 = .10000000
toxicsugar22
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so what is the answere
heisenberg
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can you not calculate it? it would be better then me just giving it to you.
toxicsugar22
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i tried
toxicsugar22
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ut i got a weird answer and im not sure i got it right
toxicsugar22
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it 40104.8
toxicsugar22
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is that it
heisenberg
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that doesn't seem right though, heh. does it?
toxicsugar22
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no it doesnt
heisenberg
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because i messed up! it is n*t, not r*t.
so you should not divide by .1, but by 365
toxicsugar22
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ok
toxicsugar22
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so now can u help again
toxicsugar22
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yes
toxicsugar22
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You do it also and then we will compare aur answers
toxicsugar22
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okay
heisenberg
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i just did it. click on that link. it is an online calculator.
toxicsugar22
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ok i got 10991.6
toxicsugar22
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is that what you got
toxicsugar22
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ok thanks
toxicsugar22
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im going to give you a medal and be your fan if you be my fan
toxicsugar22
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do u agree
toxicsugar22
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u there