In how many years will $ 1600 amount to $ 1852.20 at 5% per annum when compounded annually?

Danny Hurlburt asked Dec 5, 2023

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Danny Hurlburt asked Dec 5, 2023

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27 votes

Answer:

3 years

Explanation:

1600*
1.05^(x) =1852.20

1852.20/1600=
1.05^(x)

1.157625 =
1.05^(x)

log_(1.05) 1.157625= x

x= 3

thus 3 years

Causa Prima answered Dec 10, 2023

3.1k points

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