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anonymous

  • one year ago

A sum of money invested at 3% per 6-month period will double in approximately how many years?

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  1. amistre64
    • one year ago
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    you essentially have to log it out ..

  2. amistre64
    • one year ago
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    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 ...

  3. anonymous
    • one year ago
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    Well, the question is given just like that. But I'll try log. Thanks.

  4. amistre64
    • one year ago
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    logs allow us to isolate an exponent ...

  5. amistre64
    • one year ago
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    23.4 is the number of periods, each period is 1/2 a year

  6. anonymous
    • one year ago
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    Gotcha. 23.4/2= 11.7

  7. amistre64
    • one year ago
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    we have a 2:1 ratio ... thats it

  8. anonymous
    • one year ago
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    Thank you.

  9. amistre64
    • one year ago
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    youre welcome

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