Question

The number of years it will take for ​$510 to grow to ​$1,010.18 at 5 percent compounded annually is ____

Answer 1

13.66 years

Explanation:

Given data

P=$510

A=​$1,010.18

R=5%

t= ln(A/P)/r

susbstitute

t= ln(1,010.18/510)/0.05

t=ln1.980/0.05

t= 0.683/0.05

t= 13.66

Hence the time is 13.66 years