Math Problem Statement
How long will it take money to quadruplequadruple if it is invested at the following rates? (A) 6.56.5% compounded semiannuallysemiannually (B) 9.59.5% compounded semiannuallysemiannually
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Exponential Growth
Logarithms
Formulas
A = P(1 + r/n)^(nt)
t = ln(4) / [n * ln(1 + r/n)]
Theorems
Compound Interest Formula
Logarithmic Transformation
Suitable Grade Level
Grades 10-12
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