To find: Time period of amount to grow to $5000.
Answer to Problem 64RE
The required time is
Explanation of Solution
Given: Principal is $1500, rate of interest is 8% compounded annually and Amount is $5000.
Concept Used:
Formula of Amount:
And Property of Logarithm:
Calculation:
Substituting the value in the formula:
Taking
Conclusion:
Therefore, the required time is
Chapter 0 Solutions
Advanced Placement Calculus Graphical Numerical Algebraic Sixth Edition High School Binding Copyright 2020
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