Answer:
Explanation:
We can use the formula for compound interest to solve this problem:
A = P*(1 + r/n)^(n*t)
Where:
- A is the final amount
- P is the initial deposit
- r is the annual interest rate as a decimal
- n is the number of times the interest is compounded per year
- t is the number of years
In this case, we want to find t, so we can rearrange the formula:
t = log(A/P) / (n * log(1 + r/n))
Plugging in the values we know:
P = 800
r = 0.0625
A = 10,800
n = 1 (interest is compounded annually)
t = log(10800/800) / (1 * log(1 + 0.0625/1)) = 19.57
So it will take approximately 19.57 years for Curtis' account to reach $10,800. Rounded to the nearest hundredth, the answer is 19.57 years.