3.1 Simple Interest - Governors State University
8.5% compounded quarterly? • 1. Substitute values in the compound interest formula. • 2. divide both sides by 5,000 • 3. Take the natural logarithm of both sides. • 4. Use the exponent property of logarithms • 5. Solve for t. •(Note: you will most unlikely see this amount during your lifetime) • Solution: 4 4 4 0.085 15,000 5,000 1 4 ln(3,000) 95.2 ................
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