It will take 18.9 years for your investment to reach $1,500
How to determine how long for 90 grams to remain?
From the question, we have the following parameters that can be used in our computation:
Initial deposit = 500 dollars
Rate of growth = 6% per year
The above implies that the growth follows an exponential path
An exponential function that represents a growth function is represented as
A(n) = a * (1 + r)ⁿ
Where
A(n) = value of investment after nth year
a = Initial deposit = 500
r = rate of growth = 6%
Substitute the known values in the above equation, so, we have the following representation
A(n) = 500 * (1 + 6%)ⁿ
Evaluate the sum
A(n) = 500 * 1.06ⁿ
When the investment is 1500 grams, we have
500 * 1.06ⁿ = 1500
Divide both sides by 500
1.06ⁿ = 3
So, we have
n = log(3)/log(1.06)
Evaluate
n = 18.9
Hence, the number of years is 18.9
Read more about exponential functions at
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