tbk1894 tbk1894

21-09-2021
Mathematics

contestada

3
20 points
How long would it take for your account to have $1000, if your principle amount was $500 at an annual interest rate of 7% compounded.

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ntobekontulia ntobekontulia

21-09-2021

Answer:

=10.24

Step-by-step explanation:

500(1+0.07)^x = 1000

divide both sides by 500

(500(1+0.07)^x)/500 = 1000/500

(1+0.07)^x = 2

1.07^x = 2

convert your it to log format:

x = log(107/100)2

x = 10.24

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