Question 1039898
Let {{{ r }}} = interest rate
{{{ 5760 = 3500*( 1 + r )^10 }}}
{{{ 1.6457 = ( 1 + r )^10 }}}
Take the 10th root of both sides
{{{ 1.05108 = 1 + r }}}
{{{ r = .05108 }}}
The rate is 5.1 %
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{{{ 2 = 1*( 1 + .04 )^t }}}
{{{ 2 = 1.04^t }}}
Take the log of both sides
{{{ .301 = t*.01703 }}}
{{{ t = 17.671 }}}
In 17.7 yrs, the item will cost $2