anonymous
  • anonymous
Mario decided to invest his $620 tax refund rather than spending it. He found a bank that would pay him 4% interest, compounded quarterly. Mario deposits the entire $620 refund and does not deposit or withdraw any other amount. a. Write an equation that models the growth of the investment. b. How many years will it take for the initial investment to double?
Mathematics
  • Stacey Warren - Expert brainly.com
Hey! We 've verified this expert answer for you, click below to unlock the details :)
SOLVED
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
schrodinger
  • schrodinger
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
anonymous
  • anonymous
\[A=P(1+\frac{r}{n})^{nt}\] \[A=620(1+\frac{.04}{4})^{4t}\]
anonymous
  • anonymous
\[A=P(1+\frac{r}{n})^{nt}\] \[(1+\frac{r}{n})^{nt}=\frac{A}{P}\] \[ntlog(1+\frac{r}{n})=\log(\frac{A}{P})\] \[t=\frac{\log(\frac{A}{P})}{nlog(1+\frac{r}{n})}\] In your case: \[t=\frac{\log2}{4\log(1+\frac{.04}{4})}\] t=17.42 years
anonymous
  • anonymous
Hi what does the nlog and log stands for???

Looking for something else?

Not the answer you are looking for? Search for more explanations.