Mathematics

How long will lucy have to wait before her $2500 invested at 6% earns $600 ?


Answers

lyssie11234

4 years ago Comment

[latex]\$2500+\$600=3100\$\\\\100\%+6\%=106\%=1.06\\\\\$2500\cdot1.06^n=\$3100\ \ \ /:\$2500\\\\1.06^n=1.24\\\\log_{1.06}1.06^n=log_{1.06}1.24\\\\n=log_{1.06}1.24\\\\n\approx4\ (years)[/latex]