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Home Q & A Board Science-Related Homework Help Mathematics
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fosmanali01 fosmanali01
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10 years ago
Assume that $5000 can be invested at a rate of 5%/a compound monthly.

a. Determine the length of the investment after 6 years.

b. Determine the length of time, to the nearest year, required for the investment to triple in value.


Hint for a. Use A = A0 ( l + i )^n where i is the compounded interest per month and n is the number of compounding periods.

Hint for b.
A0 = 5 000
A = 15 000
Use logarithms to solve.
 
Thank you for helping
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#1
Educator
10 years ago
Hey, thanks for the math question. Hope this helps...
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fosmanali01 Author
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#2
10 years ago
Thank you bio_man.

Any help on how b. is done?
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#3
Educator
10 years ago
Totally missed that, yes, here it is:
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fosmanali01 Author
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#4
10 years ago
Thank you bio_man !
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#5
Educator
10 years ago
Pleasure, but keep the math questions flowing... we need more mathematics questions on this forum.
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