Sunday

December 21, 2014

December 21, 2014

Posted by **indu** on Thursday, July 3, 2008 at 11:49am.

- maths -
**tchrwill**, Thursday, July 3, 2008 at 12:06pman amount gets doubled in 15 years with compund intrest.In how many years amount will become 8 times,using the same compund intrest ?

S = P(1 + i)^n where P = the invested amount, i = the decimal periodic interest rate and n = the number of inrterest paying periods.

Therefore, 2 = 1(1 + i)15 (assuming interest compounded yearly)

Solving, i = .04729 making the annual interest rate of 4.729%.

At the same interest rate and AS/P = 8,

8 = (1.047829)^n.

solving, n = ~45 years.

Checking, S = 1(1.04729)^45 = ~8.

**Answer this Question**

**Related Questions**

math - Amount of an Investment. The amount of an ivestment of P dollarsfor T ...

Intrest - On Sept 14 Jennifer Rick went to park bank to borrow 2500.00 at 11 3/4...

simple intrest - ON September 14th Jennifer Rick went to a park bank to borrow ...

Simple Intrest - ON September 14th Jennifer Rick went to a park bank to borrow ...

math - You invest 3400 into account earning simple intrest. The balance is 4624 ...

Algebra - Using the compound intrest formula's A=P(1+r/n)^nt and A=Pe^rt to ...

math - what will investment of 10 000 Yen amount to after 5 years if it earns 8...

Please help! - If your bank paid simple intrest Of 4.25% compounded annually ...

sauce - a man deposits $8000 in his bank account.if the bank pays 8% compoud ...

math - Find the amount that schould be invested now to accumulate following ...