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

- toxicsugar22

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- schrodinger

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- heisenberg

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

- toxicsugar22

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

- heisenberg

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

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## More answers

- toxicsugar22

so what do we do know

- toxicsugar22

do i divide by 3

- heisenberg

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

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

- toxicsugar22

is it right

- heisenberg

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

- heisenberg

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

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

- toxicsugar22

please

- heisenberg

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

ok can u help more

- heisenberg

what do you not understand?

- toxicsugar22

the log

- toxicsugar22

its so complicated

- heisenberg

can you use a calculator?

- toxicsugar22

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

- toxicsugar22

yes i can use a calc.

- toxicsugar22

i can but i still need help

- heisenberg

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

- toxicsugar22

ok log 3 is .47712125

- toxicsugar22

now i divide by what

- heisenberg

log(1+.1/365)

- toxicsugar22

i got 1.18968

- toxicsugar22

is it right

- toxicsugar22

is it right

- toxicsugar22

i got .4010500723

- heisenberg

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-

- toxicsugar22

ok But isnt it .10 instead of .1

- toxicsugar22

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

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

- toxicsugar22

so what is the answere

- heisenberg

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

- toxicsugar22

i tried

- toxicsugar22

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

- heisenberg

http://www.wolframalpha.com/input/?i=log%283%29+%2F+log%281%2B.1+%2F+365%29+%2F+.1&a=*FunClash.log-_*Log10.Log-

- toxicsugar22

it 40104.8

- toxicsugar22

is that it

- heisenberg

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

- toxicsugar22

no it doesnt

- heisenberg

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

- toxicsugar22

ok

- toxicsugar22

so now can u help again

- heisenberg

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-

- toxicsugar22

yes

- toxicsugar22

You do it also and then we will compare aur answers

- toxicsugar22

okay

- heisenberg

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

- toxicsugar22

ok i got 10991.6

- toxicsugar22

is that what you got

- heisenberg

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-

- toxicsugar22

ok thanks

- toxicsugar22

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

- toxicsugar22

do u agree

- toxicsugar22

u there

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