Algebra: A Combined Approach (4th Edition)

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

Chapter 12 - Review - Page 908: 98

Answer

8.5 years

Work Step by Step

$A = P(1+(r/n))^{n*t}$ $A=10000$ $P=6000$ $r=.06$ $n=12$ $A = P(1+(r/n))^{n*t}$ $10000 = 6000(1+(.06/12))^{12*t}$ $10000/6000 = 6000/6000*(1.005)^{12*t}$ $1.66667 =1.005^{12*t}$ $log 1.6667 = 12*t*log 1.005$ $.22185 =12*t*.002166$ $.22185 =t*.02599$ $.22185/.02599 = .02599*t/.02599$ $8.5 =t$
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