Answer:
15 years and 8 months
Step-by-step explanation:
I used the formula for compound interest as shown below and solved for the unknown, time.
Since our interest is compounded annually (So once a year) our m value is 1.
Answer:
V = $3.50t + $90.5....
Step-by-step explanation:
V(t) is a function of t that expresses the value in year 2000+t.
We know that the increase is $3.50 times t.
So,
V(t) = $3.50t + c
where c is the constant.
V(15) = $3.50 (15) + c = $143 [t=15 as mentioned in the question]
and therefore
c = $143 - $3.50 (15)
c= $143 - $52.50
c= $90.5
Now we got the value of c. We can write the equation as
V = $3.50t + $90.5....
Answer:
9
Step-by-step explanation: