I need help solving this problem

You and your best friend want to go on a cruise to Alaska. You have done some research and discovered that it will cost $2800 for the plane tickets, all-inclusive cruise fare, and souvenirs. You have already saved $1900. If you invest this money in a savings account with a 2.5% interest rate compounded annually, how long will it take to earn enough money to go on the trip? Use the compound interest formula A = P (1 + i)n, where A is the accumulated amount, P is the principal, i is the interest rate per year, and n is the number of years.

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Catya
use the given values in the compound interest formula to solve for time, n.

A is the final amount of money, $2800
P is the initial or starting amount $1900
i is the interest rate as a decimal 0.025
n is time in years since it annual.

2800 = 1900(1 + 0.025)^n

2800 = 1900(1.025)^n

2800/1900 = (1.025)^n

28/19 = (1.025)^n

take the natural log of both sides to solve for exponent.

ln(28/19) = ln(1.025^n)

power rule of logarithmic moves exponent

ln(28/19) = n*ln(1.025)

ln(28/19) / ln(1.025) = n

put into a calculator

15.7 years = n
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