Algebra: A Combined Approach (4th Edition)

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

Chapter 12 - Test - Page 910: 28

Answer

12 years

Work Step by Step

$A = 3000$ $P= 2000$ $r= .07$ $n= 2$ $3000=2000*(1+(.07)/2)^x$ $3000/2000=2000*(1+(.07)/2)^x/2000$ $1.5 = (1+(.07/2))^x$ $1.5 = 1.035^x$ $log 1.5 = x log 1.035$ $log 1.5/log 1.035 = x log 1.035/log 1.035$ $.17609/.01494 =x$ $11.786 =x$
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