Answer:
t ≈ 7.7
Explanation:
r ^nt
A = P ( 1 + ------- )
n
A = 3000
P = 1500
n = 12
r = 0.09
t = ?
0.09
3000 = 1500 ( 1 + ------- ) ^(12)(t)
12
0.09
3000 = 1500 ( 1 + ------- ) ^(12)(t)
÷1500 ÷1500 12
0.09
2 = ( 1 + ------- ) ^(12)(t)
12
Change into logs and divide
log 2
---------------------- = 12t
0.09
log (1 + ----------)
12
multiply both sides by (1/12)
log 2
(1/12) ---------------------- = 12t (1/12)
0.09
log (1 + ----------)
12
7.7304805 = t
7.7 ≈ t
I hope this helps!