11900=1200(1+.0625)^t

Question

11900 is the total amount of money, r is the interest rate t is the time i n years and p is the amount invested. You want to find t

Answer 1

11,900=1200(1+0.0625)^t

(1.0625)^t=11,900/1200=9.91666666666666...

take log10 av both sides...t*log10(1.0625)=log10(9.91666666)=0.9963657153446193

t=0.9963657153/log10(1.0625)

log10(1.0625)=0.026328938722349284

0.9963657153446193/0.026328938722349284=37.84298812237561 yeers

0.29881223756*365=307.69 daes

Answer 2

Given 11900=1200(1+.0625)^t

12*1.0625^t=119

1.0625^t=119/12

t=37.843

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