Question

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

Answer 1

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