Question 45116
Exponential and Logarithmic Functions.
Compound Interest. If $500 is deposited in an account paying 8.5% annual interest, compounded semiannually, how long will it take for ethe account to increase to $800?
A=P(1+R/100)^N
800=500*(1+8.5/100)^N
(1.085)^N=800/500=1.6
NLOG(1.085)=LOG(1.6)
N=LOG(1.6)/LOG(1.085)=0.2041/0.0354=5.76 YRS...ROUNDED ...6 YEARS