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 $1,300 answer to the nearest hundredth

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asked Feb 6, 2018 52.8k views

4 votes

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 $1,300 answer to the nearest hundredth

Mathematics
high-school

Marcus Mangelsdorf asked

by Marcus Mangelsdorf

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1 Answer

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1300 = 1000 (1.08)^t
1.3 = (1.08)^t
log base 1.08 (1.3) = t
3.41 = t

Zkohi answered Feb 10, 2018

by Zkohi

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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.

Aron Rotteveel asked Nov 11, 2018

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