Explore BrainMass

Explore BrainMass

    compounded annuity solving for rate using logarithms

    Not what you're looking for? Search our solutions OR ask your own Custom question.

    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 December 15, 2022, 8:53 pm ad1c9bdddf
    https://brainmass.com/math/basic-algebra/compounded-annuity-solving-rate-logarithms-299716

    Solution Summary

    This post applies compounded annuity solving for rate using logarithms.

    $2.49

    ADVERTISEMENT