The Bruce’s purchased $2500 worth of
GIC’s. How long, t, will it take for the
investment to increase to $3500, if the
interest rate is 2.75%.
T= 3500/2000
=1.4
t= 1.4/1+0.0275
What do I do from here
Just solve for t in
2500(1+.0275)^t = 3500
1.0275^t = 1.4
t log1.0275 = log1.4
t = log1.4/log1.0275 = 12.4