Tuesday

September 30, 2014

September 30, 2014

Posted by **bob** on Wednesday, October 3, 2012 at 8:50pm.

a. Write an equation that models the growth in value of the donation over time.

b. How many years will it take for the initial donation to double?

- math -
**Henry**, Thursday, October 4, 2012 at 8:31pma. P = Po(1+r)^n.

b. Po = $10,000 = Initial deposit.

r = (7%/4)/100% = 0.0175 = Quarterly %

rate expressed as a decimal.

n = The # of compounding periods.

P = 10000*(1.0175)^n = $20,000.

(1.0175)^n = 2.0

n*Log(1.0175) = Log2

n = Log2/Log(1.0175)=40 Comp. periods.

T = 40Comp. / 4comp./yr = 10 Years.

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