00:03
So that's rp 10 ,500 into account that she wishes to save for 12 years, hoping that her car would cost 30 ,000 by then.
00:17
So that's a is equal to 30 ,000.
00:22
And we asked to find our rate.
00:26
So that's r is equal to question mark.
00:28
Given that a, we have compounded quarterly, which means that m is equal to 4.
00:33
So our equation, a is equal to p times 1 plus r over m to the power of 12 times 4.
00:46
And then for b, we have compounded continuously.
00:50
So that's a is equal to p, which is 10 ,500 times e to the power of r and t, which is 12.
01:02
Okay, so let's solve for r in both of these cases.
01:05
So we have also an 80 of 30 ,000 that i forgot to put in.
01:13
So let's put that in.
01:17
So we have 30 ,000 for each one.
01:20
And now it's solved for r...