Answer to Question #265627 in Financial Math for sumu

Question #265627

$10000 was compounded annually at 12.5% p.a. and amounted to $52015.80. How many years did it take?


1
Expert's answer
2021-11-15T16:11:45-0500

A=P(1+r)tA=P(1+r)^t


52015.80=10000(1+0.125)t52015.80=10000(1+0.125)^t


5.201580=[1+0.125]t5.201580=[1+0.125]^t


5.201580=[1.125]t5.201580=[1.125]^t


log5.201580=tlog(1.125)log5.201580=tlog(1.125)


t=log5.201580log1.125=14yearst=\frac{log5.201580}{log1.125}=14years





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