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Homework Help: Rates Help?

  1. Sep 9, 2008 #1
    a sum of $ 5 000 is invested at a compound interest rate of 6,3% per annum.
    the value of the investmen vill exceed $ 10 000 after n full years.
    (a) write an inewuality to represent this information.
    (b) calculate the minimum value of n.

    please help. english is my second langue and im a bit confused
     
  2. jcsd
  3. Sep 9, 2008 #2
    you need to use the equation for compound interest rates. This is, as u probably know
    [tex]

    A = P(1+\frac{R}{100})^n[/tex]

    You are given P, R and the required minimum value of A. You are to find the minimum value of n
     
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