SOLUTION: Sarah invests $1000 in an account that earns 5.25% interest compounded annually. How long will it take the account to reach $2500? With that same time, what rate will take the acco
Algebra ->
Rational-functions
-> SOLUTION: Sarah invests $1000 in an account that earns 5.25% interest compounded annually. How long will it take the account to reach $2500? With that same time, what rate will take the acco
Log On
Question 1093370: Sarah invests $1000 in an account that earns 5.25% interest compounded annually. How long will it take the account to reach $2500? With that same time, what rate will take the account up to $5000? Answer by addingup(3677) (Show Source):
You can put this solution on YOUR website! i'll give you one (I'm human, need my sleep):
2500 = 1000(1+0.0525)^t
2500 = 1000(1.0525)^t
2.5 = 1.0525^t
log(2.5) = log(1.1525^t)
log2.5 = (t)(log1.0525)
log2.5/log1.0525 = t
0.40/0.022 = t
t = 18
