The formula can be used to find the number of years t required to multiply an investment
Question:
The formula
can be used to find the number of years t required to multiply an investment m times when r is the per annum interest rate compounded n times a year.(a) How many years will it take to double the value of an IRA that compounds annually at the rate of 6%?(b) How many years will it take to triple the value of a savings account that compounds quarterly at an annual rate of 5%?(c) Give a derivation of this formula.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
a To find the number of years it will take to double the value of an IRA that compounds annually at a rate of 6 we can use the given formula t lnm n l...View the full answer
Answered By
User l_917591
As a Business Management graduate from Moi University, I had the opportunity to work as a tutor for undergraduate students in the same field. This experience allowed me to apply the theoretical knowledge I had gained in a practical setting, while also honing my teaching and communication skills.
As a tutor, I was responsible for conducting tutorial sessions, grading assignments and exams, and providing feedback and support to my students. I also assisted with the preparation of course materials and collaborated with other tutors and professors to ensure consistency in teaching and assessment.
0 Reviews
10+ Question Solved
Related Book For 
Precalculus Concepts Through Functions A Unit Circle Approach To Trigonometry
ISBN: 9780137945139
5th Edition
Authors: Michael Sullivan
Question Posted:
