The number of years it will take for $510 to grow to $1,010.18 at 5 percent compounded annually is ____
1 answer:
Answer:
13.66 years
Step-by-step explanation:
Given data
P=$510
A=$1,010.18
R=5%
t= ln(A/P)/r
susbstitute
t= ln(1,010.18/510)/0.05
t=ln1.980/0.05
t= 0.683/0.05
t= 13.66
Hence the time is 13.66 years
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