Can someone help me?
1 answer:
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You need the compound interest formula solved for time:
Years = log (total / principal) / n * log (1 + rate / n)
Years = log (9,000 / 5,960.32) / 2 * log (1 + .042/2)
Years = log ( <span> <span> <span> 1.509986041</span></span></span>) / 2 * log (1.021)
Years = 0.1789729325 / 2 * 0.0090257420869
Years = <span> <span> </span></span><span><span><span>0.1789729325 / 0.0180514842 </span> </span> </span>
<span><span><span>Years = 9.9145826746 </span> </span> </span>
the answer is "d"
Source:
http://www.1728.org/compint.htm
Years = log (total / principal) / n * log (1 + rate / n)
Years = log (9,000 / 5,960.32) / 2 * log (1 + .042/2)
Years = log ( <span> <span> <span> 1.509986041</span></span></span>) / 2 * log (1.021)
Years = 0.1789729325 / 2 * 0.0090257420869
Years = <span> <span> </span></span><span><span><span>0.1789729325 / 0.0180514842 </span> </span> </span>
<span><span><span>Years = 9.9145826746 </span> </span> </span>
the answer is "d"
Source:
http://www.1728.org/compint.htm