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http://prntscr.com/ld93w9

 Nov 1, 2018
 #1
avatar+98044 
+1

OK...we need to use this "formula"

 

a )   A(t)  =  P  ( 1 + r)^(t) 

 

Where 

A(t)  is a future amount

P  is the beginning amount

r  =  interest rate  expressed as a decimal

t = number of years invested

 

 

 

b)   We want to solve this  for t

 

800  = 500 ( 1 + .015)^t        divide  both sides by 500

 

800/ 500  =  ( 1 + .015)^t       take the log of both sides

 

log ( 800/500)  = log ( 1.015)^t     and we can write

 

log ( 800/ 500)  = t * log(1.015)       divide both sides by log (1.015)

 

og (800/500) / log (1.015)  =  t  ≈  31.5 years

 

 

 

cool cool cool

 Nov 1, 2018

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