Find a formula for the nth term of the arithmetic sequence:
2 answers:
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Answer:
time period (t) is 2.25 years
Step-by-step explanation:
Given data in question
amount (a) = $94000
principal (p) = $78870
rate (r) = 7.8 % = 0.078
to find out
time period (t)
solution
we know that continuous compound interest formula i.e.
amount = principal ...............1
we will put all value a, p and r in equation 1
amount = principal
94000 = 78870
= 94000 / 78870
now we take ln both side
ln ln (94000 / 78870)
0.078 t = ln 1.19183466
0.078 t = 0.175494
t = 0.175494 /0.078
t = 2.249923
so time period (t) is 2.25 years