Question

Sam invested R6 800,00 at 12,0% interest per year, compounded monthly. The number of
months he has to wait for this amount to grow to R9 165,37, rounded to two decimal places,
is [1] 2,50. [2] 2,90. [3] 34,78. [4] 30,00.

Answer 1

Step-by-step explanation:

Given Sam invested R6 800,00 at 12,0% interest per year, compounded monthly. The number of  months he has to wait for this amount to grow to R9 165,37, rounded to two decimal places,  is [1] 2,50. [2] 2,90. [3] 34,78. [4] 30,00.

• The amount in compound interest is given by A = P (1 + r / 100)^n
• Now we have amount = 9,16,537
• Principal = 6,80,000
• Interest rate = 12%
• So n will be period of time and time period elapsed = 12
• So we get
• 9,16,537 = 6,80,000 (1 + (12 / 100 / 12)^12 n
• 9,16,537 / 6,80,000 = (1 + (0.12) / 12)^12 n
• 1.347 = (12 + 0.12) / 12)^12 n
• 1.347 = (12.12/ 12)^12 a
• 1.347 = (1.01)^12n
• Taking log on both sides we get
• Log 1.347 = log(1.01)^12 n
• 0.129 = 12 a x 0.0043
• Or 12 a = 0.129 / 0.0043
• Or 30 = 12 a
• Or 12 a = 30

So the number of months Sam needs to wait will be 30

Reference link will be

https://brainly.in/question/16445348