SOLUTION: Got a question I can't seem to get past, anyone out there willing to help? Use the compound interest formula A=P(1+r)^t to solve for t, when: A=$2500 P=$1000 r=6% and assumi

Algebra ->  Finance -> SOLUTION: Got a question I can't seem to get past, anyone out there willing to help? Use the compound interest formula A=P(1+r)^t to solve for t, when: A=$2500 P=$1000 r=6% and assumi      Log On


   

Question 734503: Got a question I can't seem to get past, anyone out there willing to help?
Use the compound interest formula A=P(1+r)^t to solve for t, when:
A=$2500
P=$1000
r=6%
and assuming that n = 1
Found 2 solutions by josgarithmetic, Alan3354:
Answer by josgarithmetic(39630) About Me  (Show Source):
You can put this solution on YOUR website!
Use the compound interest formula A=P%281%2Br%29%5Et to solve for t...

ln%28A%29=ln%28P%281%2Br%29%5Et%29
ln%28A%29=t%2Aln%28P%281%2Br%29%29
highlight%28t=ln%28A%29%2Fln%28P%281%2Br%29%29%29
Substitute the values you need.

Answer by Alan3354(69443) About Me  (Show Source):
You can put this solution on YOUR website!
Use the compound interest formula A=P(1+r)^t to solve for t, when:
A=$2500
P=$1000
r=6%
and assuming that n = 1
----------------
Just the general eqn for t. I don't see "n" in it.
A=P(1+r)^t
ln(A) = ln(P) + t*ln(1+r)
t*ln(1+r) = ln(A/P)
t = ln(A/P)/ln(1+r)
--------
Then using the numbers:
t = ln(2500/1000)/ln(1.06)
t =~ 55.2417