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Stuck on this.

  • 30-09-2005 11:10am
    #1
    ZENER
    Registered Users, Registered Users 2 Posts: 6,163 ✭✭✭


    3=1.04^N

    Solve N.

    I can find it by trial and error (~28) but is there a proper mathematical method. Maybe logs?

    This is a question from a management science exam in DCU. The full Q is:

    250,000 (Po) is invested for N years until it is trebled to 750,000 (A). Interest rate = 4% (R). Find an approximate value for N.

    Formula:

    A = Po(1+R/100)^N

    Anyone ?

    ZEN


Comments

  • #2
    Skitbra
    Registered Users, Registered Users 2 Posts: 212 ✭✭Skitbra


    ZENER wrote:
    3=1.04^N

    Solve N.

    I can find it by trial and error (~28) but is there a proper mathematical method. Maybe logs?

    ZEN

    Yeah
    3=1.04^N
    log(base 1.04) 3 = N
    log(base10)3 / log(base10)1.04 = N
    28.011022.....


  • #3
    ZENER
    Registered Users, Registered Users 2 Posts: 6,163 ✭✭✭ZENER


    Brilliant !! Thanks. I never though of converting the bases . .. dumbass !

    ZEN


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