Use compound interest formula A=P(1+i)n to find n. A=​2P; i=0.15​; n=​? n=__________ ​ (Do not round until the final answer. Then round up to the nearest integer as​ needed.)

Question

Use compound interest formula A=P(1+i)n to find n.

A=​2P; i=0.15​; n=​?

n=__________ ​

(Do not round until the final answer. Then round up to the nearest integer as​ needed.)

Answer 1

the underlying formula that you want to use to solve this one is

A = P(1 + r)^n

for this scenario that means taking

2P = P(1 + 0.15)^n and then solving for the value of "n" algebraically

2 = (1.15)^n

n = ln(2) / ln(1.15) = 4.959

rounding that up to the nearest integer would be 5

Answer 2

Check the formula you have

You just need o rearrange the formula to solve for n and plug in the data you have.

You have A = P(1+ i)n

n = A/(P(1 + i))