Question

Please help me, i tried 10.5 and that's not the right answer

Answer 1

Answer: 15.1

Explanation:

Formula:

`A= P(1+(r)/(n) )^(nt)`

Where:

A is what you have After

P is Principal, what you started with/initial

r is rate in decimal form

n is number of time compounded in 1 year (ex. quarterly, monthly, semi-annually)

t is number of years

Given:

P = 3500

r= 4.5%= .045

n= 12 (monthly)

A=6900

Find t

Solution:

`A= P(1+(r)/(n) )^(nt)` >substitute given

`6900 = 3500(1+(.045)/(12))^(12t)` >divide both sides by 3500

`1.971 = (1+(.045)/(12) )^(12t)` >simplify parenthesis

`1.971= (1.00375)^(12t)` >take log of both sides

`log 1.971= log (1.00375)^(12t)` >use log exponent rule, bring to front

log 1.971 = 12t log 1.00375 >Divide both sides by log 1.00375

181.283 = 12 t >Divide both sides by 12

t= 15.1