Answer:
13. 5 years
Step-by-step explanation:
First, convert R percent to r a decimal
r = R/100
r = 6.8%/100
r = 0.068 per year,
Then, solve our equation for t
t = ln(A/P) / n[ln(1 + r/n)]
t = ln(182,800 / 75,000) / ( 1 × [ln(1 + 0.068/1)] )
t = 13.542 years
Summary:
The time required to get a total amount of $ 182,800.00 from compound interest on a principal of $ 75,000.00 at an interest rate of 6.8% per year and compounded 1 times per year is 13.542 years. (about 13 years 7 months)
