Apply models of situations related to business administration using linear, polynomial, exponential and logarithmic functions. Correctly use mathematical notation or terminology. Make sure to include correct mathematical procedures and provide clear and complete explanations and interpretations. Remember to express the solution in the context of the situation.
In the case that the result is decimal, you will round it to two decimal places.
If (P) dollars are invested at the end of each year in an
n = log [Ar / P + 1] / log (1 + r)
If $ 5,200 is invested each year in an annuity that earns 9% annual interest, when will the account be worth $ 25,000? Round to the nearest tenth.
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