Question

What rate of interstis required so that $1000 will yield $1900 after 5 years if the interset rate is compounded monthly. And I got 12.9%

Now How long will it take a sum of money to triple if it is invested at 10% compounded daily

Answer 1

there is a formula for this. do you know it / did you use it for the first question?

Answer 2

yes
it is A=P(1+r/n)^nt

Answer 3

ok so:
r = .10
n = 365
A = 3*P

\[3*P = P*(1+\frac{.1}{365})^{.1*t}\]solve for t.

Answer 4

so what do we do know

Answer 5

do i divide by 3

Answer 6

well you can start by dividing by P to get rid of it. then you will need to solve for t, which will involve using logarithms.

Answer 7

so 3=p(1+10/365)^365/t

Answer 8

is it right

Answer 9

no. after dividing by P:\[3= (1+\frac{.1}{365})^{.1*t}\]

Answer 10

then you must use logarithms. I use ln which is log_e, the natural log.

\[\ln(3)= .1*t*\ln(1+\frac{.1}{365})\]
then solve for t.

Answer 11

ok
can you help me do that
it really hard for me

Answer 12

please

Answer 13

so remember, what you do to one side of the equation, you must do to the others. since we want t by itself, we can divide by the other terms to isolate it, like so:
\[\frac{\ln(3)}{\ln(1+\frac{.1}{365})} = .1*t\]
then divide by .1 and you will have t by itself.

Answer 14

ok can u help more

Answer 15

what do you not understand?

Answer 16

the log

Answer 17

its so complicated

Answer 18

can you use a calculator?

Answer 19

maybe if you go step by step with me then i will get it

Answer 20

yes i can use a calc.

Answer 21

i can but i still need help

Answer 22

take the log(3), then divide by the other log. then divide by .1

Answer 23

ok log 3 is .47712125

Answer 24

now i divide by what

Answer 25

log(1+.1/365)

Answer 26

i got 1.18968

Answer 27

is it right

Answer 28

is it right

Answer 29

i got .4010500723

Answer 30

how did you get 1.18968? you must do the inside of the parentheses first.

here is it in an online calculator:
http://www.wolframalpha.com/input/?i=log%281%2B.1+%2F+365%29&a=*FunClash.log-_*Log10.Log-

Answer 31

ok But isnt it .10 instead of .1

Answer 32

because it wat to know How long will it take a sum of money to triple if it is invested at 10% compounded daily

Answer 33

those are the same number! .1 = .10 = .100 = .10000000

Answer 34

so what is the answere

Answer 35

can you not calculate it? it would be better then me just giving it to you.

Answer 36

i tried

Answer 37

ut i got a weird answer and im not sure i got it right

Answer 38

http://www.wolframalpha.com/input/?i=log%283%29+%2F+log%281%2B.1+%2F+365%29+%2F+.1&a=*FunClash.log-_*Log10.Log-

Answer 39

it 40104.8

Answer 40

is that it

Answer 41

that doesn't seem right though, heh. does it?

Answer 42

no it doesnt

Answer 43

because i messed up! it is n*t, not r*t.

so you should not divide by .1, but by 365

Answer 44

ok

Answer 45

so now can u help again

Answer 46

you should try and do these yourself on a calculator. you can type it in on this site if you want even.

http://www.wolframalpha.com/input/?i=log%283%29+%2F+log%281%2B.1+%2F+365%29+%2F+365&a=*FunClash.log-_*Log10.Log-

Answer 47

yes

Answer 48

You do it also and then we will compare aur answers

Answer 49

okay

Answer 50

i just did it. click on that link. it is an online calculator.

Answer 51

ok i got 10991.6

Answer 52

is that what you got

Answer 53

no. click on the link to see.
http://www.wolframalpha.com/input/?i=log%283%29+%2F+log%281%2B.1+%2F+365%29+%2F+365&a=*FunClash.log-_*Log10.Log-

Answer 54

ok thanks

Answer 55

im going to give you a medal and be your fan if you be my fan

Answer 56

do u agree

Answer 57

u there