Answer: He Will Reach $660 In 2.7 Years
Explanation:
To find out how long it will take for the value of the account to increase to $660, we can set up an equation based on the given information.
The value of the account after 1 year is given by:
b = 300 x 1.3
To find the number of years it takes for the value to reach $660, we can set up the equation:
660 = 300 x 1.3^t
where 't' represents the number of years.
To solve for 't', we can divide both sides of the equation by 300 and then take the logarithm of both sides:
1.3^t = 660/300
Taking the logarithm of both sides:
log(1.3^t) = log(660/300)
Using the logarithmic property, we can bring down the exponent:
t * log(1.3) = log(660/300)
Now we can solve for 't' by dividing both sides of the equation by log(1.3):
t = log(660/300) / log(1.3)
Calculating this using decimal notation, we get:
t ≈ 2.7
Therefore, the account will reach $660 in approximately 2.7 years.