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17 July, 06:23

David invested $220 in a savings account that offers a 3% return on the investment. How many years will the value of David's investment will reach at least $400?

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  1. 17 July, 09:47
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    FV = PV (1 + i) ^t

    FV = $400, PV = $220, i = 3% = 0.03

    400 = 220 * (1 + 0.03) ^t

    (1 + 0.03) ^t = 400 : 220 = 1.818181

    t = log (1.03) 1.81818

    t = 20

    After 20 years his investment will reach at least $400.
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