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14 Sep 2020, 23:46
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Hello all,
This question might be stupid, but I don’t know how to solve 1.03^8 easily?? This type of equation always comes in compound interest. And I don’t know how to solve accurately.
Thank you in advance.
Posted from my mobile device
This question might be stupid, but I don’t know how to solve 1.03^8 easily?? This type of equation always comes in compound interest. And I don’t know how to solve accurately.
Thank you in advance.
Posted from my mobile device
Archived Topic
Hi there,
This topic has been closed and archived due to inactivity or violation of community quality standards. No more replies are possible here.
Where to now? Join ongoing discussions on thousands of quality questions in our Quantitative Questions Forum
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15 Sep 2020, 07:11
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You'd need a computer or calculator to evaluate (1.03)^8 -- there's no way to do that by hand in any reasonable amount of time. The one thing you can do is estimate it. If you apply 3% interest eight times, then if you don't compound at all (if it's simple interest), you'll earn 24% interest, so you'd multiply your initial amount by 1.24. If instead you apply 3% interest eight times, with compounding, then you'll earn more than that, because of the compounding. But with a small interest rate, and without compounding many times, the difference will not be large. So we can say with certainty that (1.03)^8 > 1.24, and we can be sure it's not much bigger than 1.24 (the true value is roughly 1.267, so it's close), but that's about all you can do. You would never need to know more than that for the GMAT.
