How long would 1 cent grow to 1000000 if compounded daily (365 times in one year)??
I know the formula is A=P(1+r/n)squared(n*t)..

Question

dumbcow · Answer

whats the interest rate

anonymous · Answer

i think thats what im supposed to find..

dumbcow · Answer

then you need to know time, how long it takes
can't solve one without the other

anonymous · Answer

oh no we are trying to find time... it says the inerest rate is 365? i think

dumbcow · Answer

no 365 is our n, num of times interest is credited in a year

dumbcow · Answer

you have the right formula, however we don't know r or t

dumbcow · Answer

there must be more info to the problem

anonymous · Answer

its 10 %

dumbcow · Answer

ok
1,000,000 = (1+.1/365)^365t
1 + .1/365 = 1.000273973
use logs
log(1,000,000)/log(1.000273973) = 365t
50433.448 = 365t
138.17 = t

takes about 138 yrs and 2 months

anonymous · Answer

omgee  i get it :)11 thank you!!

dumbcow · Answer

:)

anonymous · Answer

8. The following graph shows data for a particular SUV driven on city streets. Suppose a compact car can travel twice as far as the SUV on the same amount of gas. Answer the following questions. Please show all of your work.
At what rate does the SUV consume gas?