Jennifer deposited $10,000 in the account that earns compound interest. the annual interest rate is 8%, and the interest is compounded two times a year. the current balance in the account is $10,400. how long has the money been invested?

V = P(1 + i)^n

Where,

V = 10.400
P = 10.000
i = 8%
n = ?

Then we will following:

10.400 = 10.000(1+8%)^n

10.400/10.000 = (1 +0,08)^n

1,04 = 1,08^n

Applying Logarithm on both sides, we will have:

Log (1,04) = Log(1,08^n)

Log(1,04) = n.Log(1,08)

n = Log(1,04)÷Log(1,08)

n = 0,5 years

Aplication rules of 3

1 years 12months

0,5 years x

x = 0,5 . 12 months

x = 6 months

A. but. i don’t nohxbzbz

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