Answer
$t=8.22$ years
Work Step by Step
$P=12500, n=4, r=5.75\%=0.0575, A=20000$
$A=P(1+\frac{r}{n})^{nt}=12500(1+\frac{0.0575}{4})^{4t}=20000$
$(1+0.0144)^{4t}=1.6$
$4t\log(1.0144)=\log 1.6$
$t=\frac{\log 1.6}{4\log 1.0144}=8.22$ years
Intermediate Algebra for College Students (7th Edition)
by Blitzer, Robert F.
Published by
Pearson
ISBN 10:
0-13417-894-7
ISBN 13:
978-0-13417-894-3
Chapter 9 - Section 9.5 - Exponential and Logarithmic Equations - Exercise Set - Page 728: 103
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