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
This post applies compounded annuity solving for rate using logarithms.