4.4.29
question
jim began a 226-mile bicycle trip to build up stamina for a triathlon competition. unfortunately, his bicycle chain broke, so he finished the trip walking. the whole
trip took 7 hours. if jim walks at a rate of 4 miles per hour and rides at 40 miles per hour, find the amount of time he spent on the bicycle.

9514 1404 393

Step-by-step explanation:

If the money Gavin deposited were subject to 9% interest compounded quarterly, then the equivalent quarterly rate would be 9%/4 = 2.25%.

However, that is not the case.

Rather, the quarterly rate (r) will have an effective annual rate of (1+r)^4 -1. If we want that effective annual rate to be 9%, then we can find the quarterly rate from ...

  (1 +r)^4 -1 = 0.09

  (1 +r)^4 = 1.09 . . . . . add 1

  1 +r = 1.09^(1/4) . . . . . take the 4th root

  r = 1.09^(1/4) -1 ≈ 0.0217782

The equivalent quarterly rate is about 2.178%.