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

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