anonymous
  • anonymous
MATH HELP ! Medals will be given !
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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chestercat
  • chestercat
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
anonymous
  • anonymous
Pierre deposited 9,875 into a savings account 23 years ago. The account has a interest rate of 2.7% and the balance is currently 18,374.86. How often does the interest compound?
anonymous
  • anonymous
@satellite73
anonymous
  • anonymous
@pathosdebater

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anonymous
  • anonymous
wow ok i bet we can do this
anonymous
  • anonymous
\[18,374.86.= 9,875(1+\frac{.027}{n})^{23n}\] and some how we need to solve for \(n\)
anonymous
  • anonymous
After this question can you check my answers on my other questions please
anonymous
  • anonymous
What do we do to solve for n
anonymous
  • anonymous
divide by \(9875\) first
anonymous
  • anonymous
actually, the first thing i would do would be guess lets guess monthly and see if it is right
anonymous
  • anonymous
Ok so divide what to what ?
anonymous
  • anonymous
hmm very close
anonymous
  • anonymous
I'm still lost
anonymous
  • anonymous
@satellite73 I was about to solve it but then again, there is a "n" inside the brackets which makes simplifying a little harder than I thought. You COULD use newton's method on it which is a repetitive formula for finding the zeroes of any function using derivatives from calculus...I'm just thinking if there is a algebraically simpler way...
anonymous
  • anonymous
...hmm
anonymous
  • anonymous
start here \[18,374.86= 9,875(1+\frac{.027}{n})^{23n}\] and then divide both sides by \(9875\) to get \[\frac{18374.86}{9875}=(1+\frac{.027}{n})^{23n}\]
anonymous
  • anonymous
oh damn, the method i was trying will not work i think it is better to guess and check
anonymous
  • anonymous
Yeah but then even with using logarithms...it is still pretty complex
anonymous
  • anonymous
is it annually
anonymous
  • anonymous
really?!
anonymous
  • anonymous
huh ?
anonymous
  • anonymous
no actually it is not annually because \[9875(1.027)^{23}=18224.57\]
anonymous
  • anonymous
http://www.wolframalpha.com/input/?i=9875%281.027%29^23
anonymous
  • anonymous
its quarterly
anonymous
  • anonymous
ok lets try that
anonymous
  • anonymous
ok
anonymous
  • anonymous
\[9875(1+\frac{.07}{4})^{4\times 23}=18336.98\] http://www.wolframalpha.com/input/?i=9875%281%2B.027%2F4%29^%284*23%29
anonymous
  • anonymous
i made a typo there, but the wolfram answer is correct
anonymous
  • anonymous
so was i right ?
anonymous
  • anonymous
no that is too small by a little
anonymous
  • anonymous
here is monthly http://www.wolframalpha.com/input/?i=9%2C875%281%2B.027%2F12%29^%2812*23%29
anonymous
  • anonymous
danngit. i can't be daily
anonymous
  • anonymous
we can try daily
anonymous
  • anonymous
http://www.wolframalpha.com/input/?i=9%2C875%281%2B.027%2F365%29^%28365*23%29
anonymous
  • anonymous
looks like we have a winner!
anonymous
  • anonymous
Hmmmm, DAILY :)
anonymous
  • anonymous
go with daily
anonymous
  • anonymous
nothing like a little guess and check
anonymous
  • anonymous
is it daily 100%
anonymous
  • anonymous
According to wolfram alpha, \[n\phantom{.}\dot{=}\phantom{.}0.00746783522465871\]
anonymous
  • anonymous
so what do you think it is @KeithAfasCalcLover daily ?
anonymous
  • anonymous
it is daily because we checked it
anonymous
  • anonymous
Well im not sure, ahah I was just solving the equation was given.
anonymous
  • anonymous
I have to be honest, I never liked financial applications. I tried to focus on the equation solving part.

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