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August 21, 2014

August 21, 2014

Posted by **Melly** on Wednesday, May 4, 2011 at 7:26pm.

a. approx 3.5 yrs

b. approx 5 yrs

c. exactly 7 yrs

d. approx 10 yrs

e. Exactly 14 yrs

I chose b. approx 5 yrs pretending that my initial investment was $5k: 5,000+700 (1), 5700+798 (2), 6498+909.72 (3), 7407.72+1037.0808 (4), 8444.8008+1182.27 (5)

9627.07+1347.79= $10,974.863

Am I correct?

- math- check my answer -
**Mgraph**, Wednesday, May 4, 2011 at 8:15pmFor simple interest

2P=P+0.14tP

0,14t=1 t= approx 7 yrs

For compound interest

2P=P(1.14)^t

1.14^t=2

t=ln(2)/ln(1.14)=5.29 approx 5 yrs

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