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August 21, 2014

August 21, 2014

Posted by **Jannet** on Wednesday, February 29, 2012 at 3:33am.

I got the answer 6.71 years, but it was wrong, using the A=Pe^rt

Thank you

- Business Math -
**Henry**, Thursday, March 1, 2012 at 4:03pmPt = Po*e^rt.

r = 12%/100% = 0.12 = APR expressed as a decimal.

t = Time in yrs.

Pt = 400*e^0.12t = 700.

e^0.12t = 700 / 400 = 1.75.

0.12t = 0.55962.(Hit Ln key).

t = 4.66 yrs.

OR

e^0.12t = 700 / 400 = 1.75.

Take Ln of both sides:

0.12t*Ln(e) = Ln1.75.

0.12t*1.0 = 0.55962.

t = 0.55962 / 0.12 = 4.66 yrs.

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