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Tina wants to save money for school. Tina invests $400 in an account that pays an interest rate of 7.5%. How many years will it take for the account to reach $8,500? Round your …

Tina wants to save money for school. Tina invests $400 in an account that pays an interest rate of 7.5%. How many years will it take for the account to reach $8,500? Round your …
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Tina wants to save money for school. Tina invests $400 in an account that pays an interest rate of 7.5%.

How many years will it take for the account to reach $8,500?

Round your answer to the nearest hundredth.

User Daniklad
by
8.3k points

1 Answer

4 votes
t=log(8,500÷400)÷log(1.075)
T=42.3 years
User Mike Ellis
by
7.8k points
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