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anonymous

  • 5 years ago

if $300 is deposited in an account and it increases to $450 in eight years compounded quarterly. find the rate of interest to the nearest tenth

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  1. amistre64
    • 5 years ago
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    450 = 300(1+ r/4)^(8r)

  2. amistre64
    • 5 years ago
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    http://www.wolframalpha.com/input/?i=450+%3D+300%281%2B+r%2F4%29^%288r%29

  3. anonymous
    • 5 years ago
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    and how do i solve that @amistre64

  4. amistre64
    • 5 years ago
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    with cunning and style

  5. amistre64
    • 5 years ago
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    46.28%

  6. amistre64
    • 5 years ago
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    divide 300 take logs; and use rules of logs to manipulate it

  7. amistre64
    • 5 years ago
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    or graph it and find the zero

  8. anonymous
    • 5 years ago
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    thank you

  9. anonymous
    • 5 years ago
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    can you show me step by step

  10. amistre64
    • 5 years ago
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    i can try lol

  11. anonymous
    • 5 years ago
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    ok thanks lol

  12. anonymous
    • 5 years ago
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    @ amistr64 can i ask you a question when you done helping them

  13. amistre64
    • 5 years ago
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    its easier on paper... 450/300= 3/2 3/2 = (1 + r/4)^(8r) log(3/2) = log(1+ r/4)^(8r) log(n) = 8r log(1+ r/4) log(n) ---------- = 8r log(1 + r/4)

  14. anonymous
    • 5 years ago
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    so problems like this have to be solved with a calculator?

  15. amistre64
    • 5 years ago
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    log(3) - log(2) -------------- = 8r log(4+r) - log(4) A ---------- = 8r log(4+r) - B log(4+r) - B = A/8r etc...

  16. amistre64
    • 5 years ago
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    it canbe done by hand, but its alot of window dressing to get it to the right spot

  17. anonymous
    • 5 years ago
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    and the way you doing it here is by hand or calculator

  18. anonymous
    • 5 years ago
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    @amistre are you still there

  19. amistre64
    • 5 years ago
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    by hand; which is why i left it alone really; :)

  20. anonymous
    • 5 years ago
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    oh ok

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