Answer:
It takes 12 years
Step-by-step explanation:
Amount(A) = P(1+r(^t
A ==> 170x/100 = x(1+0.045)^t
1.7 = (1.045)^t
Apply ln on both side
ln(1.7) = ln(1.045)^t
ln(1.7) = tln(1.045)
t = ln(1.045)/ln(1.7)
t = 0.53062825106/0.04401688541
t = 12.05510672
t = 12 years
The time it would take any deposit to increase by 70% is 12 years.
The formula that would be used to determine the amount of time needed for a deposit to increase by 70% is:
t = In (FV/PV) / In(1 + r)
Where:
t = In (1.7) / In(1.045)
t = 12 years
To learn more about future value, please check: https://brainly.com/question/18760477
