Question

Tina wants to save money for school. Tina invests $400 in an account that pays an interest rate of 4%.

How many years will it take for the account to reach $12,200? Round your answer to the nearest hundredth.

Answer 1

400(1.04^x) = 12,200

1.04^x = 30.5

x = log(30.5)/log(1.04) = about 87.14 years