SOLUTION: Jessica bought an antique candle holder for $300. The antique appreciates in value by 5.5% per year. When will the value of the candle holder be $3000? Round the answer to the near

Algebra ->  Equations -> SOLUTION: Jessica bought an antique candle holder for $300. The antique appreciates in value by 5.5% per year. When will the value of the candle holder be $3000? Round the answer to the near      Log On


   

Question 1042165: Jessica bought an antique candle holder for $300. The antique appreciates in value by 5.5% per year. When will the value of the candle holder be $3000? Round the answer to the nearest tenth.
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
Jessica bought an antique candle holder for $300. The antique appreciates in value by 5.5% per year. When will the value of the candle holder be $3000? Round the answer to the nearest tenth.
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A(t) = P*(1.055)^t
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3000 = 300*1.055^t
1.055^t = 10
t = log(10)/log(1.055)
t = 1/0.0233
t = 43.0 years
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Cheers,
Stan H.
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