Answer:
31.334... years
Step-by-step explanation:
Initial value = $500
r = 1.5%
t = ?
A = (500)[tex]e^{.015*t}[/tex]
I was unsure if the question was asking to express the equations in terms of t =, but i did those steps anyway just in case.
A/500 = [tex]e^{.015*t}[/tex]
ln A/500 = ln[tex]e^{.015*t}[/tex]
ln A/500 = .015*t
ln(A/500)/.015 = t
t = ln(A/500)/.015
To find the amount of time it takes for the account balance to reach $800, we plug in $800 for A in the equation that solves for t.
t= ln(800/500)/.015 = 31.334...(rounded) years
We also could have solved by plugging in $800 into the original equation and then solving for t, but i found it to be easier to find the equation for t prior to solving. Hope this helps!
