Intermediate Algebra (6th Edition)

Published by Pearson
ISBN 10: 0321785045
ISBN 13: 978-0-32178-504-6

Chapter 9 - Test - Page 599: 28

Answer

6 years

Work Step by Step

$P=2000$ $A=3000$ $r=.07$ $n=12$ $A=P*(1+(r/n))^{n*t}$ $3000=2000*(1+(.07/12))^(12*t)$ $3000/2000=2000/2000*(1+(.07/12))^(12*t)$ $1.5=1.0058333^{12*t}$ $ln 1.5 = 12*t* ln 1.00583333$ $ln 1.5/ln 1.00583333 =12*t* ln 1.00583333/ ln 1.00583333$ $69.710 = 12*t$ $69.71/12 = 12*t/12$ $5.809 = t$
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