SOLUTION: Got a problem I've worked on for an hour, no solution. If A=$2500, P=$1,000, r=6%, solve for t. A=P(1+r)^t (Problem 9.2, #45)

Algebra ->  Finance -> SOLUTION: Got a problem I've worked on for an hour, no solution. If A=$2500, P=$1,000, r=6%, solve for t. A=P(1+r)^t (Problem 9.2, #45)      Log On


   

Question 736037: Got a problem I've worked on for an hour, no solution.
If A=$2500, P=$1,000, r=6%, solve for t. A=P(1+r)^t

(Problem 9.2, #45)
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+A+=+P%281%2Br%29%5Et+
+A+=+2500+
+P+=+1000+
+r+=+.06+
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+2500+=+1000%2A%28+1+%2B+.06+%29%5Et+
+2.5+=+1.06%5Et+
+log%28+2.5+%29+=+t%2Alog%28+1.06+%29+
+t+=+log%28+2.5+%29+%2F+log%28+1.06+%29+
+t+=+.39794+%2F+.02531+
+t+=+15.7226+
If +t+ is in years,
+.7226%2A12+=+8.672+
+.672%2A30+=+20+
The time would be 15 yrs, 8 mos, 20 days