Use the compound interest formula in each of the following to express t in terms of a
Question:
Use the compound interest formula in each of the following to express t in terms of a logarithm by rewriting the exponential equation in logarithmic form. Simplify where possible, but do not evaluate.
a. B = 1500, P = 600, r = 0.005, n = 4
b. B = 800, P = 500, r = 0.012, n = 12
c. B = 1,000,000, P = 800,000, r = 0.02, n = 2
Transcribed Image Text:
B = P1+ n nt
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a B P1 rnn P1rn4 1200 62 per year 1 compounded annually equals 1000 or 1000 So 62 compound...View the full answer
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Related Book For
Financial Algebra Advanced Algebra With Financial Applications
ISBN: 9781337271790
2nd Edition
Authors: Robert Gerver, Richard J. Sgroi
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