Question 1065250
simple interest or compound interest?
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Simple:
10,000*0.05*t = 15000
t = 15,000/500
. - . - . - . - . - . - . - .
Compound:
Since t is an exponent, we have to use logarithms to solve:
t = ln(15,000/10,000)/ln(1+0.05) = (ln(15,000)-ln(10,000))/ln(1+0.05)
= 8.31 years