Answer: In about 8 years, she will reach the rate of $15.50
This is an exponential equation. We could write and solve the equation below to find the answer.
9.75(1.06)^x = 15.5
(1.06)^x = 15.5/9.75 Divide both sides by 9.75
x (log(1.06)) = log(15.5/9.75) Take the log of both sides and bring down the x.
x = log(15.5/9.75) / log(1.06) Divide both sides by log(1.06)
x = 7.956
Therefore, we can round it up to 8 years.
