Respuesta :
Using compound interest, it is found that Claire will have $6,186 in her account when Henry's money has tripled in value.
What is compound interest?
The amount of money earned, in compound interest, after t years, is given by:
[tex]A(t) = P\left(1 + \frac{r}{n}\right)^{nt}[/tex]
In which:
- A(t) is the amount of money after t years.
- P is the principal(the initial sum of money).
- r is the interest rate(as a decimal value).
- n is the number of times that interest is compounded per year.
For Henry, we have that r = 0.0675, n = 12. The time it takes for the amount to triple is t when A(t) = 3P, hence:
[tex]A(t) = P\left(1 + \frac{r}{n}\right)^{nt}[/tex]
[tex]3P = P\left(1 + \frac{0.0675}{12}\right)^{12t}[/tex]
[tex](1.005625)^{12t} = 3[/tex]
[tex]\log{(1.005625)^{12t}} = \log{3}[/tex]
[tex]12t\log{(1.005625)} = \log{3}[/tex]
[tex]t = \frac{\log{3}}{12\log{(1.005625)}}[/tex]
t = 16.32.
Then, for Claire, we have that the parameters are as follows:
P = 2300, r = 0.0625, n = 1, t = 16.32.
Hence, the amount is given by:
[tex]A(t) = P\left(1 + \frac{r}{n}\right)^{nt}[/tex]
[tex]A(t) = 2300\left(1 + \frac{0.0625}{1}\right)^{16.32}[/tex]
A(t) = 6186.
Claire will have $6,186 in her account when Henry's money has tripled in value.
More can be learned about compound interest at https://brainly.com/question/25781328
