Answer:
Explanation:
A person invested $230 in an account growing at a rate allowing the money to double every 7 years. How long, to the nearest tenth of a year would it take for the value of the account to reach $3902
The formula is given as
A(t) =Ao (2)^t/k
Where
A(t) = 3902
Ao = 230
t = ?
k = 7 years
Hence,
3902 = 230 × (2)^t/7
We divide both sides by 230
3902/230 = 230 × (2)^t/7/230
16.965217391 = (2)^t/7
Find the ln of both sides
ln 16.965217391 = ln (2)^t/7
ln 16.965217391 = t/7 ln (2)
In 16.965217391/ln 2 = t/7