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Leokris [45]
3 years ago
6

Need help with 1-5 ASAP plz

English
1 answer:
V125BC [204]3 years ago
8 0

Total = Principal * (1 + rate)^years

Total = 500 * (1.015)^n

where n = number of years

If you need to know how long it will take to reach $800, you will have solve the equation for years

Years = {log(total) -log(Principal)} ÷ log(1 + rate)

Years = {log(800) -log(500)} ÷ log(1.015)

Years = 2.903089987 - 2.6989700043 / 0.0064660422492

Years = 0.2041199827 /  0.0064660422492

Years = 31.567993965

About 31 and a half years.

Here's a calculator to check the result

http://www.1728.org/compint.htm


Read more on Brainly.com - brainly.com/question/3013269#readmore

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