# compounded annuity solving for rate using logarithms

If it takes 9 years for a one-time deposit in a savings account that receives interest compounded quarterly to triple, then what is the interest rate to the nearest tenth of a percent?

To answer this question, you will need to utilize the following relationship:

If ln(x) = N, where N is some number, then x = eN

(if using logarithms to the base 10, then equivalently,

If log(x) = N, then x = 10N )

Please show formula and steps.

© BrainMass Inc. brainmass.com June 3, 2020, 11:48 pm ad1c9bdddfhttps://brainmass.com/math/basic-algebra/compounded-annuity-solving-rate-logarithms-299716

#### Solution Summary

This post applies compounded annuity solving for rate using logarithms.

$2.19