Question

Please Help Problem solving

Answer 1

P  = $1,100
r = 7.25% = 0.0725

A= P(1+r)^t
⇒ 6600 = 1100(1+0.0725)^t
⇒ 6600/1100 = 1.0725^t
⇒ 1.0725^t = 6

Use log to solve it
log(1.0725^t) = log 6
⇒ t * log 1.0725 = log 6
⇒ t * 0.0303973 = 0.7781512
⇒ t = 0.7781512/0.0303973
⇒ t = 25.599 ≈ 25.60 years