Which of the following would be the most logical first step to solving this
2 answers:
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Answer:
18.7 years
Step-by-step explanation:
This is a compound interest problem and the following variables have been given;
Principal = 4000; this is the amount o be invested
APR = 9%; this is the compound interest to be earned
Accumulated amount = 20,000
We are required to determine the duration in years. We apply the compound interest formula;
The next step is to introduce natural logarithms in order to determine n;
The number of years required is thus 18.7 years