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toxicsugar22

  • 5 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

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  1. heisenberg
    • 5 years ago
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    there is a formula for this. do you know it / did you use it for the first question?

  2. toxicsugar22
    • 5 years ago
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    yes it is A=P(1+r/n)^nt

  3. heisenberg
    • 5 years ago
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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.

  4. toxicsugar22
    • 5 years ago
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    so what do we do know

  5. toxicsugar22
    • 5 years ago
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    do i divide by 3

  6. heisenberg
    • 5 years ago
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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.

  7. toxicsugar22
    • 5 years ago
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    so 3=p(1+10/365)^365/t

  8. toxicsugar22
    • 5 years ago
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    is it right

  9. heisenberg
    • 5 years ago
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    no. after dividing by P:\[3= (1+\frac{.1}{365})^{.1*t}\]

  10. heisenberg
    • 5 years ago
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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.

  11. toxicsugar22
    • 5 years ago
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    ok can you help me do that it really hard for me

  12. toxicsugar22
    • 5 years ago
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    please

  13. heisenberg
    • 5 years ago
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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.

  14. toxicsugar22
    • 5 years ago
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    ok can u help more

  15. heisenberg
    • 5 years ago
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    what do you not understand?

  16. toxicsugar22
    • 5 years ago
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    the log

  17. toxicsugar22
    • 5 years ago
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    its so complicated

  18. heisenberg
    • 5 years ago
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    can you use a calculator?

  19. toxicsugar22
    • 5 years ago
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    maybe if you go step by step with me then i will get it

  20. toxicsugar22
    • 5 years ago
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    yes i can use a calc.

  21. toxicsugar22
    • 5 years ago
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    i can but i still need help

  22. heisenberg
    • 5 years ago
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    take the log(3), then divide by the other log. then divide by .1

  23. toxicsugar22
    • 5 years ago
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    ok log 3 is .47712125

  24. toxicsugar22
    • 5 years ago
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    now i divide by what

  25. heisenberg
    • 5 years ago
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    log(1+.1/365)

  26. toxicsugar22
    • 5 years ago
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    i got 1.18968

  27. toxicsugar22
    • 5 years ago
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    is it right

  28. toxicsugar22
    • 5 years ago
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    is it right

  29. toxicsugar22
    • 5 years ago
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    i got .4010500723

  30. heisenberg
    • 5 years ago
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    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
    • 5 years ago
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    ok But isnt it .10 instead of .1

  32. toxicsugar22
    • 5 years ago
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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

  33. heisenberg
    • 5 years ago
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    those are the same number! .1 = .10 = .100 = .10000000

  34. toxicsugar22
    • 5 years ago
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    so what is the answere

  35. heisenberg
    • 5 years ago
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    can you not calculate it? it would be better then me just giving it to you.

  36. toxicsugar22
    • 5 years ago
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    i tried

  37. toxicsugar22
    • 5 years ago
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    ut i got a weird answer and im not sure i got it right

  38. toxicsugar22
    • 5 years ago
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    it 40104.8

  39. toxicsugar22
    • 5 years ago
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    is that it

  40. heisenberg
    • 5 years ago
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    that doesn't seem right though, heh. does it?

  41. toxicsugar22
    • 5 years ago
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    no it doesnt

  42. heisenberg
    • 5 years ago
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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

  43. toxicsugar22
    • 5 years ago
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    ok

  44. toxicsugar22
    • 5 years ago
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    so now can u help again

  45. heisenberg
    • 5 years ago
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    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
    • 5 years ago
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    yes

  47. toxicsugar22
    • 5 years ago
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    You do it also and then we will compare aur answers

  48. toxicsugar22
    • 5 years ago
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    okay

  49. heisenberg
    • 5 years ago
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    i just did it. click on that link. it is an online calculator.

  50. toxicsugar22
    • 5 years ago
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    ok i got 10991.6

  51. toxicsugar22
    • 5 years ago
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    is that what you got

  52. heisenberg
    • 5 years ago
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    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
    • 5 years ago
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    ok thanks

  54. toxicsugar22
    • 5 years ago
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    im going to give you a medal and be your fan if you be my fan

  55. toxicsugar22
    • 5 years ago
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    do u agree

  56. toxicsugar22
    • 5 years ago
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    u there

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