Question

George wants to save money for a car. George invest 1300 and an account that is an interest rate of 7.5%

How many years will it take for that account 7,100?

Answer 1

According to the formula above
7100=1300 (1+0.075)^t
Solve for t
Divide both sides by 1300 to get
7100/1300=(1+0.075)^t
Take the log for both sides
Log (7100/1300)=t×log (1.075)
Divide both sides by log (1.075) to get
T=log(7,100÷1,300)÷log(1.075)
T=23.48 years round your answer to get 23 years

Hope it helps!