Answer:
A) 14.2 years B) 23.84 years
Step-by-step explanation:
A = P( 1 + r/n)^nt P = 2500 A = 2P = 5000 r = 0.05 n = 1 FInd t
A = 8000 Find t
I used a financial calculator to find this
t = 14.2 years
A = P( 1 + r)^t
A/P = ( 1 + r)^t
5000/2500 = (1.05)^t
2 = 1.05^t I don't remember how to solve this for t
8000/2500 = 1.05^t t = 23.84 according to the fin calculator
