It was estimated that a famous baseball player with a personal fortune of $40 million dollars depleted his funds by spending $1,500,000 and over a period of time became $60 million in debt. If interest is at 3.8% compounded monthly, determine how long it took for the player to get into this situation.

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The correct answer is A.The formula for compound interest is:A = P(1 + r/n)^(nt)where:A is the final amountP is the principal (initial amount)r is the annual interest raten is the number of times per year that the interest is compoundedt is the number of yearsIn this case, we have:P = $40,000,000A = -$60,000,000 (negative because the player is in debt)r = 3.8% = 0.038n = 12 (monthly compounding)t = ?Substituting these values into the formula, we get:-$60,000,000 = $40,000,000(1 + 0.038/12)^(12t)Dividing both sides by $40,000,000, we get:-1.5 = (1.003167)^(12t)Taking the logarithm of both sides, we get:log(-1.5) = 12t * log(1.003167)Solving for t, we get:t = log(-1.5) / (12 * log(1.003167)) = 75.003 monthsTherefore, it took the player 75 months to get into this situation.

It Was Estimated That a Famous Baseball Player with a Personal