Question

Guys help please I am struggling

Answer 1

9514 1404 393

Answer:

  14.1 years

Step-by-step explanation:

Use the compound interest formula and solve for t. Logarithms are involved.

  A = P(1 +r/n)^(nt)

amount when P is invested for t years at annual rate r compounded n times per year.

Using the given values, we have ...

  13060 = 8800(1 +0.028/365)^(365t)

  13060/8800 = (1 +0.028/365)^(365t) . . . . divide by P=8800

Now we take logarithms to make this a linear equation.

  log(13060/8800) = (365t)log(1 +0.028/365)

Dividing by the coefficient of t gives us ...

  t = log(13060/8800)/(365·log(1 +0.028/365)) ≈ 0.171461/0.0121598

  t ≈ 14.1

It would take about 14.1 years for the value to reach $13,060.