Dec 2, 2011 #1 J Julie Member May 14, 2008 352 0 16 Determine the amounnt of money that should be invested at 3% interest, compounded monthly, to produce a final balance of £50, 000 in 10 years. And also: Sate the number of digits in 3^1000 using logarithms/exponents
Determine the amounnt of money that should be invested at 3% interest, compounded monthly, to produce a final balance of £50, 000 in 10 years. And also: Sate the number of digits in 3^1000 using logarithms/exponents
Dec 3, 2011 #2 D david Active member May 11, 2008 2,148 0 36 50000 = P(1 + .03/12)^(12*10) 50000 = P * 1.0025^120 50000 / 1.0025^120 = P 37054.780864579972164756887222047 = P £37,054.78 = P
50000 = P(1 + .03/12)^(12*10) 50000 = P * 1.0025^120 50000 / 1.0025^120 = P 37054.780864579972164756887222047 = P £37,054.78 = P