compound interest equation for annually compounded
A=final amount
P=principal
r=rate in decimal
t=time in years
given that
A=1550
P=1000
r=5.5%=0.055
find t
divide both sides by 1000
take ln of both sides
use ln rule
divide both sides by ln(1.055)
using a calculator, we get that t=8.18544 yrs
so about 8.2yrs
To determine the rate of a number do the following steps:
Multiply the number by the percent (e.g. 87 * 68 = 5916)
Divide the answer by 100 (Move decimal point two places to the left) (e.g. 5916/100 = 59.16)
Round to the desired precision (e.g. 59.16 rounded to the nearest whole number = 59)
Answer:
thank you
Step-by-step explanation: