SOLUTION: The value, V, of a bank account in which A dollars are invested at 5% interest compounded annually, is given by the equation V = A(1.05)^t, where t is the time in years. Solve for
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Question 668732: The value, V, of a bank account in which A dollars are invested at 5% interest compounded annually, is given by the equation V = A(1.05)^t, where t is the time in years. Solve for t.
I'm really struggling with this question - not even sure where to start. I think I might have to take the log of each side, but I'm not sure how to do that. Any help would be apprecieated.
Answer by MathTherapy(10552) (Show Source): You can put this solution on YOUR website!
The value, V, of a bank account in which A dollars are invested at 5% interest compounded annually, is given by the equation V = A(1.05)^t, where t is the time in years. Solve for t.
I'm really struggling with this question - not even sure where to start. I think I might have to take the log of each side, but I'm not sure how to do that. Any help would be apprecieated.
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