7000 = 3624*(1+0.21)^x
7000 = 3624 *1.021^x
7000/3624 = 1.021^x
875/453 = 1.021^x
xlog(1.021 = log(875/453
x = 31.677
31 years 9 months
Answer:
Option A is the answer.
Step-by-step explanation:
p = 3624.40
r = 2.1% or 0.021
n = 1
t = ?
A = 7000
Compound interest formula is :
[tex]A=p(1+\frac{r}{n})^{nt}[/tex]
Substituting the values in formula:
[tex]7000=3624.40(1+\frac{0.021}{1})^{t}[/tex]
=> [tex]\frac{7000}{3624.40} =(1.021)^{t}[/tex]
=> [tex]1.93135=(1.021)^{t}[/tex]
[tex]t=\frac{log1.93135}{log1.021}[/tex]
=> t = 31.670 years.
Closest to option A.
