Question

Samantha invested $670 in an accocut paying an interest rate of 5.5% compounded daily, Assuming no deposits or withdravals are made, how long would it tnke, to the nearest yeor, for the value of the account to rench $_(1,740) ?

Answer 1

To find out how long it will take for the value of Samantha's account to reach $1,740, we can use the formula for compound interest and solve for t.

Step-by-step explanation:

To find out how long it will take for the value of Samantha's account to reach $1,740, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where:

A = the future value of the account

P = the principal investment

r = the annual interest rate (as a decimal)

n = the number of times interest is compounded per year

t = the number of years

Plugging in the given values, we have:

$1,740 = $670(1 + 0.055/365)^(365t)

Now, we can solve for t by using logarithms.