Jeffersonville Bank is offering it's customers a record 3.4% compound interest on new savings accounts. Mr. Kirks opens an accou
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Answer: 7 years
Step-by-step explanation:
= In2 / ∧
since the half life is given , we have :
22 = In 2/ ∧
∧ = In2/22
∧ = 0.032
Recall the formula for half life:
=
Therefore:
0.80 =
Take the In of both sides
In 0.80 = - 0.032t
t = In 0.80 / - 0.032
t = 7 years