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Sagot :
If both of them choose the same bank, which offers a 5% annual interest rate compounded quarterly, Hiroshi will need 5.53 years to fulfill his investment target.
Let's suppose interest rate Giulio needs X years to accomplish his mission.
Hiroshi needs 5 times as long.
Hiroshi begins with an amount of A. Giulio's starting balance is 3A.
Both have the same goal amount.
So,
3A*((1+0.05/4)^(X*4) = A*((1+0.05/4)^(5X*4))
3*(1.0125^4X) = (1.0125^20X)
Taking the log from both sides
Log3 + log (1.0125 x 4X) = log (1.0125 x 20X)
20X*log3 + 4X*log(1.0125) + Log3 (1.0125)
X equals 1/16 * (log3/log(1.0125))
= 5.53 years
A percentage of the principal, or the amount loaned, is what a lender charges a borrower as interest. The annual percentage rate, or APR, is the usual unit used to express the interest rate on a loan (APR).
The interest rate amount earned from a savings account or certificate of deposit at a bank or credit union may also be subject to interest rates. Interest on these bank accounts is calculated as an annual percentage yield.
Learn more about interest rate here
https://brainly.com/question/13324776
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