Use the steps below to find the value of t to the nearest year.
a. Substitute the values in the compound interest formula.
b. Simplify the value inside of the parentheses.
c. Divide both sides by the value of P. You should now have an exponential equation in standard form.
d. Apply the One-to-One Property using common logs.
e. Simplify the side of the equation with the exponent by applying the Power Property.
f. Solve for t. This will be a three-step process. Divide both sides by the logarithmic coefficient; divide both sides by the value of n; simplify and round to the nearest year.