The dot plot below shows the drawing scores of some students: A number line is shown from 1 to 5 in increments of 1. The horizon
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compound interest equation for annually compounded
A=final amount
P=principal
r=rate in decimal
t=time in years
given that
A=1550
P=1000
r=5.5%=0.055
find t
divide both sides by 1000
take ln of both sides
use ln rule
divide both sides by ln(1.055)
using a calculator, we get that t=8.18544 yrs
so about 8.2yrs