Respuesta :
Answer:
The answer is 15 months.
Step-by-step explanation:
p = $500
r = 6.5% or 0.065
A = $543
t = ?
The formula to be used here is :
[tex]A=pe^rt[/tex]
[tex]t=(log(A/p)/log(e))/r[/tex]
Putting the values in formula we get:
[tex]t=(log(543/500)/log(e))/0.065[/tex]
[tex]t=(log(1.086)/log(e))/0.065[/tex]
This gives t = 1.3 years
In months it will be 1 year(12 months) + 3 months = 15 months.
Hence, the answer is 15 months.
