0 like 0 dislike
You invest R15 000 at 16.5% per year, compounded monthly. The investment amounts to R40 097.17. Calculate the period of the investment in months.
in QMI1500 by Diamond (40.2k points) | 10 views

1 Answer

0 like 0 dislike
A = P(1+R/n)^nt R40 097.17 =R 15000(1+ 0.165/12)^ 12t 2.673 = (1.01375)^12t ln 2.673 = 12t ln 1.01375 ln 2.673/ln 1.01375 = 12t 71.99 = 12t t = 6 years
by Bronze Status (5k points)
Welcome to MathsGee Skills Question and Answer Bank, a platform, where you can ask study questions and receive answers from other members of the community. Help is always 100% FREE!
MathsGee Q&A is the knowledge-sharing community where millions of students and experts put their heads together to crack their toughest homework questions.

Enter your email address:

Popular Courses

Python For First Timers
Python For Everyone