Question12. Write the equation of the following and solve algebraically. Round to the nearest tenth. (1) Philip invested $\$ 1000$ in an account at $12 \%$ per annum, compounded annually. How many years will a take the investment to reach $\$ 2000$ ?

Studdy Solution
Calculate the value of $t$ and round to the nearest tenth.
Using a calculator:
$$t \approx \frac{0.6931}{0.1133}$$ $$t \approx 6.116$$
Round to the nearest tenth:
$t \approx 6.1$
The number of years it will take for the investment to reach \$2000 is approximately \( \boxed{6.1} \) years.