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777dan777 [17]
3 years ago
12

*Will give brainliest. I don't understand what I'm doing wrong. Please help

Mathematics
1 answer:
harkovskaia [24]3 years ago
4 0
Alright, so let's look at the variables that we have already.
We have P (1500)
We have R (6.75%, .0675 in decimal form)
And, we have A (7300).
So, let's plug this into the formula
A=P(1+r)^t
7300=1500(1.0675)^t
/1500  /1500
4.866...=1.0675^t
Logarithms are the inverse of exponents, (if y=b^x then logarithm with base b of y =x)
So, we know that
t=logbase1.0675(4.866666)
can also put into your calculator as
t= (log4.8666)/(log1.0675)
Thus:
t=24.22569158
This rounds to (in hundredths)
<u>24.23 years</u>.
Looks like a minor rounding issue is all.
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