Register
Tina wants to save money for school. Tina invests $1,000 in an account that pays an interest rate of 6.75%. How many years will it take for the account to reach $18,600?
87.1k views
1 vote
Tina wants to save money for school. Tina invests $1,000 in an account that pays an interest rate of 6.75%. How many years will it take for the account to reach $18,600?

User Roy Peleg
by
8.1k points

2 Answers

3 votes
Hi there :-)

The formula is
A=p (1+r)^t
We need to solve for t
T=log (A/p)÷log (1+r)

A 18600
p 1000
R 0.0675

T=log(18,600÷1,000)÷log(1+0.0675)
T=44.8 years

Hope it helps
User Yuming
by
8.0k points
3 votes

Answer: the answer is...

44.75

User Rodvlopes
by
7.5k points
Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers

Other Questions

How do you can you solve this problem 37 + y = 87; y =
How do you estimate of 4 5/8 X 1/3
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Write words to match the expression. 24- ( 6+3)
Link Copied!