Algebra: A Combined Approach (4th Edition)

Published by Pearson
ISBN 10: 0321726391
ISBN 13: 978-0-32172-639-1

Chapter 12 - Review - Page 908: 97

Answer

8.75 years

Work Step by Step

$A=P*(1+r/n)^{n*t}$ $A=10000$ $P=5000$ $r=.08$ $n=4$ $A=P*(1+r/n)^{n*t}$ $10000=5000*(1+.08/4)^{4*t}$ $10000/5000=5000/5000*(1.02)^{4*t}$ $2=1.02^{4*t}$ $log 2 = 4*t log 1.02$ $.30103 = 4*t*.0086$ $.30103 = .0344*t$ $.30103/.0344 =.0344*t/.0344$ $t =8.75$
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