Fred lives in Rhode Island and pays 7% in sales tax. If he just
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Answer:
We divide both sides by 100000 and we got:
Now we can apply natural logs on both sides;
And then the value of t would be:
And rounded to the nearest tenth would be 9.2 years.
Step-by-step explanation:
For this case since we know that the interest is compounded continuously, then we can use the following formula:
Where A is the future value, P the present value , r the rate of interest in fraction and t the number of years.
For this case we know that P = 100000 and r =0.12 we want to triplicate this amount and that means and we want to find the value for t.
We divide both sides by 100000 and we got:
Now we can apply natural logs on both sides;
And then the value of t would be:
And rounded to the nearest tenth would be 9.2 years.