Question

5100 dollars is placed in an account with an annual interest rate of 7%. To the nearest

year, how long will it take for the account value to reach 24000 dollars?

Answer 1

Answer: 5 years

Step-by-step Solution:

First we need to know how much is added every year so we can multiple 0.7 by 5100 which is 3,570

Next we subtract 24,000 from 5100 which is 18900 so now we can divide 18900 by 3,570 which is 5 so it would take 5 years.