SOLUTION: If I invested $2000.00 at the interest rate of 15%, compounded daily, for 52 weeks. How long would it take to reach $8000.00?
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Question 743001: If I invested $2000.00 at the interest rate of 15%, compounded daily, for 52 weeks. How long would it take to reach $8000.00?
Found 2 solutions by stanbon, davethejackal:
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
If I invested $2000.00 at the interest rate of 15%, compounded daily, for 52 weeks. How long would it take to reach $8000.00?
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A(t) = P(1+(r/n))^(nt)
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8000 = 2000(1+0.15/365)^(365t)
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4 = (1.0004110)^(365t)
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(365t) = log(4)/log(1.0004110)
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t = 9.24 years
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Cheers,
Stan H.
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Answer by davethejackal(28) (Show Source): You can put this solution on YOUR website!
Let d = number of days
Assuming interest is 15% per annum and that there are 365.25 days in a year then the interest every day = 15% / 365.25.
hence
Taking logs
hence
d = 3376.3198690738941804021745971694 days = 9.243 years (4 sf, using 365.25 days/year).
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