Answer:
t = 14 years
Step-by-step explanation:
r = R/100
r = 9/100
r = 0.09 per year,
Then, solve the equation for t
t = ln(A/P) / n[ln(1 + r/n)]
t = ln(9,589.78/2,733.00) / ( 12 × [ln(1 + 0.09/12)] )
t = ln(9,589.78/2,733.00) / ( 12 × [ln(1 + 0.0075)] )
t = 14 years
Summary:
The time required to get a total amount of $9,589.78 with compoundeded interest on a principal of $2,733.00 at an interest rate of 9% per year and compounded 12 times per year is 14 years.
