Mathematics, 16.07.2019 10:50 brandonholden
Use a=p(1+rn)nt a=p(1+rn)nt where: a = the amortized amount (total loan/investment amount over the life of the loan/investment) p = the initial amount of the loan/investment r = the annual rate of interest n = the number of times interest is compounded each year t = the time in years find how long it takes a $2,200.00 investment to earn $210.00 in interest if it is invested at 10% compounded monthly. it will take years. (round answer to 3 decimal places.)
Answers: 1
![\bf 2410=2200\left(1+\frac{0.1}{12}\right)^{12t}\implies \cfrac{2410}{2200}=\left(1+\frac{1}{120} \right)^{12t} \\\\\\ \cfrac{241}{220}=\left(\cfrac{121}{120} \right)^{12t}\implies log\left( \frac{241}{220} \right)=log\left[ \left(\frac{121}{120} \right)^{12t} \right]\\\\\\ log\left( \frac{241}{220} \right)=12t\cdot log\left(\frac{121}{120} \right)\implies \cfrac{log\left( \frac{241}{220} \right)}{12 log\left(\frac{121}{120} \right)}=t\implies 0.915 \approx t](/tpl/images/0096/0326/6c5ab.png)
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Use a=p(1+rn)nt a=p(1+rn)nt where: a = the amortized amount (total loan/investment amount over the...
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