An investment of $8500 increases in value by 4.5% every year. How long until the investment
1 answer:
Answer:
16 years
Step-by-step explanation:
Given data
Principal= $8500
Rate= 4.5%
Final amount= $17,323
The expression to find time in compound interest is given as
t= ln(A/P)/r
substitute
t= ln(17323/8500)/0.045
t= ln(2.038)/0.045
t=0.711/0.045
t= 15.8 years
Hence the total time is about 16 years
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