Your friend solves the equation.Is your friend correct? -1.5+k=8.2k=8.2+(-1.5)k=6.7
1 answer:
You might be interested in
Answer:
6.58 years
Step-by-step explanation:
Step one:
Given data
Principal=$9500
rate= 5%= 0.05
Final amount= $13200
Required:
The time t
Step two
The expression for the compound interest is
t = ln(A/P) / r.
substitute
t = ln(13200/9500) /0.05
t= ln(1.39)/0.05
t=0.329/0.05
t=6.58 years