Question

3

20 points
How long would it take for your account to have $1000, if your principle amount was $500 at an annual interest rate of 7% compounded.

Answer 1

=10.24

Explanation:

500(1+0.07)^x = 1000

divide both sides by 500

(500(1+0.07)^x)/500 = 1000/500

(1+0.07)^x = 2

1.07^x = 2

convert your it to log format:

x = log(107/100)2

x = 10.24