anonymous
  • anonymous
A sum of money invested at 3% per 6-month period will double in approximately how many years?
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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schrodinger
  • schrodinger
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amistre64
  • amistre64
you essentially have to log it out ..
amistre64
  • amistre64
is the 3% a period rate? it reads as tho its 3% every 6 months .. how many periods does it take? 2P = P(1.03)^n 2 = (1.03)^n log(2) = n log(1.03) etc ...
anonymous
  • anonymous
Well, the question is given just like that. But I'll try log. Thanks.

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amistre64
  • amistre64
logs allow us to isolate an exponent ...
amistre64
  • amistre64
23.4 is the number of periods, each period is 1/2 a year
anonymous
  • anonymous
Gotcha. 23.4/2= 11.7
amistre64
  • amistre64
we have a 2:1 ratio ... thats it
anonymous
  • anonymous
Thank you.
amistre64
  • amistre64
youre welcome

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