Answer:
23 months
Also please note that it's everytime ^t/12 not (^t)/12
Step-by-step explanation:
Principal (P) = $2700
rate = 9%
t = ?
Amount = [tex]P(1+\frac{r}{100} )^(t/12)[/tex]
Amount = 2700 +500 = $3200
So substituting all our values we get :
[tex]3200 = 2700(1+\frac{9}{100})^(t/12)\\ 3200=2700(1+0.09)^(t/12)\\3200 = 2700(1.09)^(t/12)\\\frac{3200}{2700} =1.09^(t/12)[/tex]
So we use log to solve for t :
[tex]t/12=log_{1.09} (\frac{3200}{2700})\\[/tex]
Solving this using a calculator we get:
1.9714966193*12
=23 months
