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October 3rd, 2017, 09:08 PM   #1
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From: yelm

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Need a little help

Looking for help on a problem similar to this one. Please can u post step by step process

Taylor has just invested in a stock worth \$430 that is expected to increase in value by 8% per year. This means that the amount his stock is worth (A) can be calculated by A=430⋅1.08t, where t is the number of years since the money was put in.

How many years will it take for the value of his stock be \$1714? Round your answer to two decimal places.

Last edited by greg1313; October 4th, 2017 at 02:28 AM.
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October 4th, 2017, 03:19 AM   #2
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Did you mean A = \$430·1.08$^t$?

If so, 1714/430 = 1.08$^t$. Hence $\log(1714/430) = t\cdot\log(1.08)$,
and so $t = \log(1714/430)/\log(1.08) = 17.97$ to 2 decimal places.
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