Describe an investment that could be represented by the function f(x)=1200(1.065)^x?
Also, determine the time it takes to double an investment in an account that pays interest of 4% per annum, compounded quarterly HINT:Use $1 for the principal.
p.s in this course we're learning about compound interest
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Find the amount , when principle is 1200 and rate of interest is 6.5% in x years........Ans
2 =1(1+0.01)^t
2 =(1.01)^t
Taking ln both side
ln 2 = t*ln(1.01)
t = ln(2)/ln(1.01)=0.69314718055995/0.00995033085317=69.66071689357524
t = 69.7 quaters =17.41517922339381 years .....................Ans