Thursday

July 24, 2014

July 24, 2014

Posted by **Helen** on Saturday, August 11, 2012 at 10:02pm.

Principal-$6000

I need to find out how many interest periods for the amount to grow to $9500.

What is the formula too pleae.

- Maths -
**drwls**, Sunday, August 12, 2012 at 2:37amEach interest period increases the principal by 3%. After N six-month interest periods,

Principal = 9500 = 6000*(1.03)^N

9500/6000 = 1.58333 = 1.03^N

N = Log1.58333/Log1.03= 15.55

If compounding only occurs once every six months, you will need to 16 interest periods to raise the principal above $9500

**Related Questions**

MATHS - A SUM OF MONEY IS KEPT IN A BANK AT 8% INTEREST COMPOUNDED ANNUALLY.HAD ...

Math help - a $6000 principal earns 8% interest compounded semi annually after ...

Kirr - *solve execises by using compounded interest formula Principal $ 700 ...

Compound interest - Hello My teacher skipped over this and I have no clue how to...

Finance - A 10-year bond has a coupon rate of 7% annually and a principal ...

math - how long will it take to earn $787.50 on $5000 at 5 1/4%(percent) what is...

Math - The present value of an annuity due of $400 payable semi-annually is $...

Math - A boat costs $92,000 and depreciates in value by 15% per year. How much ...

Algebra - Show how you substitute the values into the formula, then use your ...

math - The amount of money in an account with continuously compounded interest ...