kittyclaw8977 kittyclaw8977

17-05-2021
Mathematics

contestada

Card was bought for 5 dollars. It's has appreciated 5% each year. When will the card be worth 25 dollars?

Respuesta :

samuelonum1 samuelonum1

19-05-2021

Answer:

32 years

Step-by-step explanation:

Given data

Principal= $5

Rate= 5%

FInal amount= $25

Time=???

Applying the compound interest formula for time

t= ln(A/P)/r

t= ln(25/5)/0.05

t= ln(5)/0.05

t= 1.60/0.05

t= 35 years

Hence the time is 32 years

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