SOLUTION: Got a question I can't seem to get past, anyone out there willing to help?
Use the compound interest formula A=P(1+r)^t to solve for t, when:
A=$2500
P=$1000
r=6%
and assumi
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Question 734503: Got a question I can't seem to get past, anyone out there willing to help?
Use the compound interest formula A=P(1+r)^t to solve for t, when:
A=$2500
P=$1000
r=6%
and assuming that n = 1
Found 2 solutions by josgarithmetic, Alan3354:
Answer by josgarithmetic(39630) (Show Source): You can put this solution on YOUR website!
Use the compound interest formula to solve for t...
Substitute the values you need.
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
Use the compound interest formula A=P(1+r)^t to solve for t, when:
A=$2500
P=$1000
r=6%
and assuming that n = 1
----------------
Just the general eqn for t. I don't see "n" in it.
A=P(1+r)^t
ln(A) = ln(P) + t*ln(1+r)
t*ln(1+r) = ln(A/P)
t = ln(A/P)/ln(1+r)
--------
Then using the numbers:
t = ln(2500/1000)/ln(1.06)
t =~ 55.2417
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