1000 was invested at 5.5% interest, compounded annually. after sometime the amount had grown to 1550. how long was the money invested?

compound interest equation for annually compounded

A=final amount

P=principal

r=rate in decimal

t=time in years

given that

A=1550

P=1000

r=5.5%=0.055

find t

divide both sides by 1000

take ln of both sides

use ln rule

divide both sides by ln(1.055)

using a calculator, we get that t=8.18544 yrs

so about 8.2yrs

see explanation

step-by-step explanation:

since the sequence is geometric there is a common ratio r between consecutive terms, that is

r = 4 ÷ - 2 = - 2

r = - 8 ÷ 4 = - 2

r = 16 ÷ 8 = - 2

the next term - 13 must be incorrect as it should be - 32 for the sequence to be geometric.

the first 4 terms are therefore geometric with common ratio r = - 2

step-by-step explanation:

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