Respuesta :
It takes 0.05 years account to reach $66,100
What Is an Interest Rate?
The interest rate is the amount a lender charges a borrower and is a percentage of the principal—the amount loaned. The interest rate on a loan is typically noted on an annual basis known as the annual percentage rate (APR).
According to the question, we have
Principal = 39000
Interest rate = 3.2%
The investment compounds daily.
So we can get F = [tex]39000(1+0.032)^{x}[/tex]
When F = 66100
[tex]66100=39000(1+0.032)^{x}[/tex]
⇒ [tex]\frac{66100}{39000}=(1+0.032)^{x}[/tex]
⇒ [tex]1.69=(1.032)^{x}[/tex]
⇒ [tex]x = log 1.69_{1.032}[/tex]
⇒ [tex]x = \frac{log1.69}{log1.032}[/tex]
⇒ x = 17 days
It takes 17 days account to reach $66,100
Converting days into years
= [tex]\frac{17}{365}[/tex]
= 0.045
= 0.05 (nearest tenth of a year)
Hence, It takes 0.05 years account to reach $66,100.
Find out more information about interest rate here
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