The image is answer.................
You will need to use this formula:
<span>Years = {log(total) -log(Principal)} ÷ log(1 + rate)
Years = [log(15,000) - log(2,500)] / log (1.0525)
</span>
<span>
<span>
<span>
4.1760912591
</span>
</span>
</span>
-
<span>
<span>
<span>
3.3979400087
</span>
</span>
</span>
/
<span>
<span>
<span>
0.0222221045
</span>
</span>
</span>
=
<span>
<span>
<span>
0.7781512504
</span>
</span>
</span>
/ <span>
<span>
<span>
0.0222221045 =
</span></span></span>
<span>
<span>
<span>
35.0169917705
</span>
</span>
</span>
years
About 35 years
You'll find the formula here: http://www.1728.org/compint2.htm
And a compound interest calculator here: http://www.1728.org/compint.htm
(You'll find both are helpful for this problem).
Answer:
344025
Step-by-step explanation:
20,000 x decimal multiplier
decimal multiplier = 1.0425
20,000 x 1.0425 = 20850
20850 x 15 = 344025
