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.
