Answer:
t≈
5.1
Step-by-step explanation:
A=99000 P=70000 r=0.068 n=365
Given values
99000
70000
(
1
+
0.068
365
)
365
t
70000(1+
365
0.068
)
365t
Plug in values
99000
=
99000=
70000
(
1.0001863
)
365
t
70000(1.0001863)
365t
Simplify
99000
70000
=
70000
99000
=
70000
(
1.0001863
)
365
t
70000
70000
70000(1.0001863)
365t
Divide by 70000
1.4142857
=
1.4142857=
1.000186
3
365
t
1.0001863
365t
log
(
1.4142857
)
=
log(1.4142857)=
log
(
1.000186
3
365
t
)
log(1.0001863
365t
)
Take the log of both sides
log
(
1.4142857
)
=
log(1.4142857)=
365
t
log
(
1.0001863
)
365tlog(1.0001863)
Bring exponent to the front
log
(
1.4142857
)
log
(
1.0001863
)
=
log(1.0001863)
log(1.4142857)
=
365
t
log
(
1.0001863
)
log
(
1.0001863
)
log(1.0001863)
365tlog(1.0001863)
Divide both sides by log(1.0001863)
1860.731865
=
1860.731865=
365
t
365t
Use calculator
1860.731865
365
=
365
1860.731865
=
365
t
365
365
365t
Divide by 365
5.0978955
=
5.0978955
