Answer:
Step-by-step explanation:
A person invested $2,500 in an account growing at a rate allowing the money to double every 11 years. How long, to the nearest tenth of a year would it take for the
value of the account to reach $3,800?
The formula for exponential growth given as:
A(t) = Ao (1/2)^t/t½
A(t) = Amount after time t = $3,800
Ao = Initial amount invested = $2500
t = Time in years
t½ = Time it takes to double = 11 years
Hence,
3800 = 2500(1/2)^t/11
Divide both sides by 2500
3800/2500 = 2500(1/2)^t/11/2500
