Explore BrainMass

Explore BrainMass

    compounded annuity solving for rate using logarithms

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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 ad1c9bdddf

    Solution Summary

    This post applies compounded annuity solving for rate using logarithms.