Question

Elijah invested $610 in an account paying an interest rate of 4.1% compounded annually. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach $900?

Answer 1

It would take Elijah 36 years for the value of his account to reach 900 dollars
So the answer is 36 years

Answer 2

9.757

Explanation:

To solve us the compound interest formula:
`A=P(1+(r)/(n) )^n^t`

Where A=amount earned; P=principle or starting amount; r=rate(remember to convert to decimal; t=time

Plug your numbers in:

`900=610(1+(.041)/(1) )^1^t\\`

Divide by 610

`1.475409836=(1.041)^t`

Convert to logarithms

㏒(1.475409836)=㏒1.041

Divide

㏒(1.4754-98236)/㏒1.041=x

9.757