Answer:
t = 74.897 years
(about 74 years 11 months)
Explanation:
First, convert R as a percent to r as a decimal
r = R/100
r = 4/100
r = 0.04 per year,
Then, solve the equation for t
t = ln(A/P) / n[ln(1 + r/n)]
t = ln(16,000.00/800.00) / ( 365 × [ln(1 + 0.04/365)] )
t = ln(16,000.00/800.00) / ( 365 × [ln(1 + 0.00010958904109589)] )
t = 74.897 years
Summary:
The time required to get a total amount of $16,000.00 with compoundeded interest on a principal of $800.00 at an interest rate of 4% per year and compounded 365 times per year is 74.897 years.
(about 74 years 11 months)
Since it wasn't stated howmany times the interest is compunded I took the value of once a year.