To Start
You have deposited $500 in a bank account that pays 8% interest compounded yearly. After 6 years, you have $793. What is the time?
6 years
A house was bought in 1972 for $20,000. It has increased in value by approximately 3.7% each year. Today, in 2020 the house is worth $91,989. What number would be used for time (t)?
48
In the equation: y=C(1+r)^t What does the (1+r) represent?
The growth factor. (b)
Your grandfather bought your grandmother's engagement ring in 1947 for $500. It has increased in value by approximately 1.33% each year. Today in 2020 the ring is valued at $1,212. What number would be used for time (t)?
73