Question

how do you solve question 7?

grade 11 math, please show your work

6) 7) Beth invests $1000 into an account paying 6% / compounded monthly for 4 years. Determine the amount of interest she earns Determine the interest rate to the nearest percent) required for money to double in 5 years if the interest rate is compounded semi-annually. (Trial and error®, make your first guess 12% and remember to divide by 2) Boris wants to have $1,000,000 when he turns 65. If he is currently 18 years old determine the amount of money he needs to invest each month into an account paying 6%/a interest compounded monthly. How much interest does the president earn in 8a? 8a) 8b)

Answer 1

Answer 7) only

② solution answes According to reale 72 Delivation of rule 72 The basic compound intrest falnsula is As PCI+ € 0 is accused amount, pis the principal investment, i is the rate of intrest pes period in decimal pem, ad tiste number of periods If Change this plrsula to show that the amount å twice a double the principle inverment, where accurd i. p. then we have A=ap. substitute A = ap in call wadas antes P1010 ap= p Citast 2= (iteit. take natural log 63 in on both sides txmllest mal mlad miltel. t = 6121 the mith). but mal = 0.69 sounded to a decimal places and solving the second tem pl 8% (d=0.08).

t= 0.69 x 0.08 ml1-08) t = 0.69 (1.0395 &xt = 0.69 x 11.0895) : rxtooofde from this formula we tom directly calculate the interestrost rate o Given h = 5 years rx 5 = 0.72. EO 144 r=0.72 5 14.4% 00144 1100