compounded annuity solving for rate using logarithms
Not what you're looking for? Search our solutions OR ask your own Custom question.
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 ad1c9bdddfhttps://brainmass.com/math/basic-algebra/compounded-annuity-solving-rate-logarithms-299716
Solution Summary
This post applies compounded annuity solving for rate using logarithms.
$2.49