timbee747 timbee747

11-06-2014
Mathematics

Answered

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

Verified Answer :

Anonymous Anonymous

30-06-2014

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

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