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victus00 [196]
4 years ago
15

CHECK PLEASE -

Mathematics
1 answer:
andrew-mc [135]4 years ago
3 0
You will need to use this formula:

Years = log (total/principal) / n * log (1 + (rate / n))
where "n" is the number of compounding periods per year.

Years = log (9,000/4,790.23) / n * log (1 + (.038 / n))
Years = log ( <span> <span> <span> 1.8788241901 </span> </span> </span> ) / 2 * log (1.019)
Years = 0.27388614314 / 2 * 0.0081741840064
Years = 0.27388614314 / <span> <span> <span> 0.0163483680128</span></span></span>
Years = <span> <span> <span> 16.7531182884 </span> </span> </span>
Which is about 16 years 9 months (answer is "a")

Source:
http://www.1728.org/compint3.htm



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