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Sagot :
Answer:
4.6 years
Step-by-step explanation:
We are to calculate the time in years.
The formula is given as:
t = ln(A/P) / n[ln(1 + r/n)]
Where:
A = Amount after t years = 1800
P = Initial Amount invested = 1500
r = Interest rate = 4%
n = Frequency at which the interest was compounded = Annually = 1
First, convert R percent to r a decimal
r = R/100
r = 4%/100
r = 0.04 per year,
Then, solve our equation for t
t = ln(A/P) / n[ln(1 + r/n)]
t = ln(1,800.00/1,500.00) / ( 1 × [ln(1 + 0.04/1)] )
t = 4.649 years
Approximately = 4.6 years
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