Question

A person invest $2,940 in an account tgat earns 4.1% annual intrest. Find when the value of the investment reaches 5,000. If necessary round to the nearest tenth

Answer 1

13.22

Explanation:

were solving for t and we know:

a(t)=p(1+(r/n))^nt

5000=a-the total

2940=p-the starting amount

.041=r-the rate

1=n-compound (annual)

plug this into a graph :

5000=2940(1+(.041/1))^x

and you get : 13.22