An investment of $8500 increases in value by 4.5% every year. How long until the investment

Mathematics

1 answer:

riadik2000 [5.3K]2 years ago

6 0

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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