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  • one year ago

Suppose that an investment of $13,000 has grown in value at a rate of 9% per year. If the current value is $16,835.38, then how many years have passed?

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  1. mathstudent55
    • one year ago
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    You need to use the formula \(F = P(1 + r)^t\) where F = future value, P = present value r = interest rate, and t = time in years. First, copy the formula. Then rewrite the formula with all the known amounts substituted in. The only unknown is t. Then solve for t. Since t is an exponent, you need to use logarithms.

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