Answer
The answer is 1.28 years, as we round to the nearest tenth.
Work Step by Step
According to the question, we see that our initial value is P=1500. We want our money to increase by 200. This makes our A value the following
A = P+200
A = 1500+200
A = 1700
Our ratio is r=10%=0.1.
The number of times we are compounding the ratio in a year is 2 times, as it is mentioned in the question that we compound semiannually. This makes n=2
We need to find the value of t, which is time. We do so by substituting all our given values into the equation provided and then solve for t. This is how it's done:
The working of the solution is seen in the image
