(tco 6) the month of fasting, the ninth month of the muslim calendar, is known as:
1 answer:
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Answer:
73 years
Explanation:
We can solve this problem by using the formula for the annually compounded interest:
where
A is the amount after time t
P is the principal
r is the interest rate
t is the time
In this problem, we have:
P = $2000 is the principal
r = 0.055 is the interest rate (equivalent to 5.5%)
We want to find the time t at which the amount invested will become
A = $100,000
Substituting these values into the formula and re-arranging it to make t the subject, we find:
Therefore, the time taken is 73 years.