tahaney140
tahaney140
27-03-2017
Mathematics
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Problem solving
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Аноним
Аноним
27-03-2017
P = $1,100
r = 7.25% = 0.0725
A= P(1+r)^t
⇒ 6600 = 1100(1+0.0725)^t
⇒ 6600/1100 = 1.0725^t
⇒ 1.0725^t = 6
Use log to solve it
log(1.0725^t) = log 6
⇒ t * log 1.0725 = log 6
⇒ t * 0.0303973 = 0.7781512
⇒ t = 0.7781512/0.0303973
⇒ t = 25.599 ≈ 25.60 years
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