Question

Jacques deposited $1,900 into an account that earns 4% interest compounded semiannually. After t years, Jacques has $3,875. 79 in the account. Assuming he made no additional deposits or withdrawals, how long was the money in the account?.

Answer 1

T=50.99

Explanation:

Given:

I=3,875.78

P=1,900

R=4% I.e 4/100 , 0.04

T=?

I=PRT

3,875.79=($1,900)(0.04)t

3,875.79=76t

3,875.79/76= t

T=50.99