Find three consecutive integers whose sum is 300
1 answer:
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A=future amount
P=present amount
r=rate in decimal
n=number of times per year compounded
t=time in years
how many years to double
basically
A=2P at t=?
so we can simplify and ignore the pricipal given and do
r=5.5%=0.055
n=1
t=t
take the ln of both sides
divide both sides by ln1.055
use calculator to aproximate
12.9462=t
about 12.9 years