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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.
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May 27, 2018
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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. Please show me the work.
Mathematics
high-school
Leonid Bor
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Leonid Bor
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Here's the given:
P=$400
i=7.5%
A=$8500
The formula used for this problem is:
A = P(1+i)^t
Manipulating the equation to arrive at t, we have:
t = ln(A/P) / ln(1+i)
Plugging in values:
t = ln($8500/$400) / ln(1+0.075)
t = 42.26 years
AlexTa
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May 31, 2018
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AlexTa
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