Question

Suppose you have $9300 deposited at a yearly rate of 4.3% compounded weekly. About long will it take your balance toincrease by $1130?yearsRound your answer to the nearest tenth of a year

Answer 1

For this problem, we are told that a principal of $9300 was deposited at an account that is compounded weekly. We need to calculate the time it will take for the amount to increase $1130.

To solve this problem, we need to use the following expression:

`A=P(1+(r)/(n))^(n\cdot t)`

Where A is the accrued amount, P is the principal amount, r is the annual interest rate, n is the number of times it is compounded in a year and t is the elapsed time.

For the account to increase $1130, it means that the accrued amount is the original one plus this value, therefore we have: