Suppose $1,500 is compounded weekly for 46 years. if no other deposits are made, what rate is needed for the balance to triple in that time?

The rate is needed is 1.037%.

Step-by-step explanation:

Given : Suppose $1,500 is compounded weekly for 46 years. If no other deposits are made.

To find : What rate is needed for the balance to triple in that time?

Solution :

Applying compound interest formula,

Where, P is the principal

A is the amount

The balance to triple in that time i.e. A=3P

r is the rate

t is the time t=46 years

Compounded weekly so n=52

Substitute the value in the formula,

Taking log both side,

Taking exponential both side,

Into percentage,

Therefore, the rate is needed is 1.037%.

the answer is 62

arrange the equations with like terms in columns.

analyze the coefficients of x or y.

add the equations and solve for the remaining variable.

substitute the value into either equation and solve.

check the solution.

step-by-step explanation: