40. Php 100 000 is deposited in a trust fund at an annual interest rate of 10%, compounded monthly. How long will it take the fund to reach P 102 0002 (Recall that f(x) = a(1+b)*, where a is the initial investment, b is the rate per compounding period, and x is the total number of periods.) %3D

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section6.1: Exponential Functions
Problem 68SE: An investment account with an annual interest rateof 7 was opened with an initial deposit of 4,000...
icon
Related questions
Question
40. Php 100 000 is deposited in a trust fund at an annual interest rate of 10%, compounded monthly. How
long will it take the fund to reach P 102 0002 (Recall that f(x) = a(1 + b)*, where a is the initial investment,
b is the rate per compounding period, and x is the total number of periods.)
%3D
Transcribed Image Text:40. Php 100 000 is deposited in a trust fund at an annual interest rate of 10%, compounded monthly. How long will it take the fund to reach P 102 0002 (Recall that f(x) = a(1 + b)*, where a is the initial investment, b is the rate per compounding period, and x is the total number of periods.) %3D
Expert Solution
steps

Step by step

Solved in 2 steps with 2 images

Blurred answer
Recommended textbooks for you
College Algebra
College Algebra
Algebra
ISBN:
9781938168383
Author:
Jay Abramson
Publisher:
OpenStax
Intermediate Algebra
Intermediate Algebra
Algebra
ISBN:
9781285195728
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning
Algebra for College Students
Algebra for College Students
Algebra
ISBN:
9781285195780
Author:
Jerome E. Kaufmann, Karen L. Schwitters
Publisher:
Cengage Learning