Solve for the value of x upto correct decimal approximation 4400=2000(1+(0.045)/(12)^{12x} (solving this equation will determine the amount of time it takes an investment $2000 to grow $4400 if interest is 4.5% COMPOUNDED MONTHLY

Harlen Pritchard

Harlen Pritchard

Answered question

2021-01-28

Solve for the value of x upto correct decimal approximation
4400=2000(1+0.045(12)12x
(solving this equation will determine the amount of time it takes an investment $2000 to grow $4400 if interest is 4.5% COMPOUNDED MONTHLY

Answer & Explanation

komunidadO

komunidadO

Skilled2021-01-29Added 86 answers

4400=2000(1+0.045(12)12x
(44002000)=(12+0.04512)12x
2.2=(1.0038)12x
taking ln on both sides
ln2.2=ln(1.0038)12x
ln(2.2)=12xln(1.0038)
x=(ln2.212ln1.0038)
x=17.3236

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