2500(1.0275)^t = 3500
1.0275^t = 7/5 = 1.4
take log of both sides and use rules of logs
t log 1.0275 = log 1.4
t = log 1.4/log 1.0275 = 12.4
It will take 12 years and appr 5 months
The Bruce’s purchased $2500 worth of
GIC’s. How long, t, will it take for the
investment to increase to $3500, if the
interest rate is 2.75%.
1 answer
1 answer