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

hey there!

if she's saving for six months, let's divide the total number we need for the trip by six, dividing it into the amount that needs to be saved for each month.

500 ÷ 6 =

she needs to save at least this amount each month, so we should use this symbol: ≥

let x be the amount she saves each month.

your final answer is x ≥

hope this !

55% are girls and 45% are boys : ) hope this

step-by-step explanation: