Question

Meetra is investing $5,000 at an interest rate of 3%. She is currently 20 years old how old will she be when she has $20,000?

HELP !!

Answer 1

`5000( {1.03}^(t) ) = 20000`

`{1.03}^(t) = 4`

`t * ln(1.03) = ln(4)`

`t = ( ln(4) )/( ln(1.03) ) = 46.9 \: years`

Meetra will be 66.9 years (about 67 years) old when she has $20,000.