SOLUTION: Ricardo has just been given stock worth $520 that is expected to increase in value by 10% per year. This means that the amount his stock is worth (A) can be calculated by A=520⋅1
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Question 1183395: Ricardo has just been given stock worth $520 that is expected to increase in value by 10% per year. This means that the amount his stock is worth (A) can be calculated by A=520⋅1.1t, where t is the number of years since the money was put in.
How many years will it take for the value of his stock be $1578? Round your answer to two decimal places. Found 3 solutions by Boreal, MathTherapy, josgarithmetic:Answer by Boreal(15235) (Show Source):
You can put this solution on YOUR website! 1578=510*1.1^t
3.094=1.1^t
log 3.094=t log 1.1 but round at end
t=log 3.094/log 1.1
t=11.85 years
You can put this solution on YOUR website!
Ricardo has just been given stock worth $520 that is expected to increase in value by 10% per year. This means that the amount his stock is worth (A) can be calculated by A=520⋅1.1t, where t is the number of years since the money was put in.
How many years will it take for the value of his stock be $1578? Round your answer to two decimal places.
That other person is INCORRECT. Correct answer: .
However, the norm is to ROUND numbers, in cases like this one, to the nearest year. In this vase, it'd be 12 FULL/COMPLETE years.
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