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Tina wants to save money for school. Tina invests $1000 in an account that pays an interest rate of 8%. How many years will it take for the account to reach $1300? Round your an…

Tina wants to save money for school. Tina invests $1000 in an account that pays an interest rate of 8%. How many years will it take for the account to reach $1300? Round your an…
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Tina wants to save money for school. Tina invests $1000 in an account that pays an interest rate of 8%. How many years will it take for the account to reach $1300? Round your answer to the nearest hundredth.

User Aron Rotteveel
by
8.1k points

1 Answer

4 votes
1300=1000(1+0.08)^n

1300=1000(1+0.08)^n = 1.3=1.08^n = n=㏒(∨1.08)(1.3)
----------------
1000

n=3.40905

It will take Tina about 3 1/2 years to reach her goal.
User Ronnie Smith
by
8.4k points
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