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Holly wants to save money for an emergency. Holly invests $1500 in an account that pays an interest rate of 6.75%. How many years will it take for the account to reach $7300?
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Holly wants to save money for an emergency. Holly invests $1500 in an account that pays an interest rate of 6.75%. How many years will it take for the account to reach $7300?

User Vandre
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1 Answer

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7300=1500(1+0.0675)t7300=1500(1.0675)tDividing both sides by 1500,7315=1.0675tTaking the logarithm,ln(7315)=tln(1.0675)Making 't' the subject,t=ln(7315)ln(1.0675)

which equals t=24.23


User JamesE
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