Can you please help me with this question?
in Algebra 2 Answers by Level 1 User (120 points)

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2 Answers

3years and 6 months
by Level 12 User (101k points)

The growth is 3 so we have to solve (1+r)^m=3 where m=number the months, r=monthly rate. 7% is assumed to be the annual rate, so the monthly rate is 7/12%=7/1200.

Taking logs of each side: mlog1.00583=log3 (any base for the logs will work) so m=log3/log(1.00583)=188.88 months approx.=15 years 9mths approx.

by Top Rated User (1.2m points)

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