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

hi,

i'm 75% sure the answer is 1,1 to both lines.

have a great day

i think the answer would be c