Question

Can someone walk me through this question?

Answer 1

Suppose you deposit $1500 in a savings account that pays interest at an annual rate of 5%. If no money is added or withdrawn from the account, answer the following questions.

How many years will it take for the account to contain $2500?

So far I have
\[2500 = 1500(1+0.05)^{t}\]
\[2500 = 1500(1.05)^{t}\]
What next?

Answer 2

@Directrix

Answer 3

holy crap you have a lot of fans

Answer 4

divide by 1500
each side

Answer 5

I help a lot.
\[\frac{ 2500 }{ 1500 } = 1.05^{t}\]
or
\[1.66... = 1.05^{t}\]

Answer 6

@hartnn Can you help me?

Answer 7

then you can take log on both sides

Answer 8

How do I do that?

Answer 9

\(\Large \log 1.66 = t \log 1.05\)
\(\Large t= \dfrac{\log 1.66}{\log 1.05} = ..\)

Answer 10

\[t=10.3877002875\]

Answer 11

\[t = 10.4 years\]

Answer 12

yes, thats correct :)