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21 February, 13:54

A person invest $2,940 in an account tgat earns 4.1% annual intrest. Find when the value of the investment reaches 5,000. If necessary round to the nearest tenth

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  1. 21 February, 16:45
    0
    13.22

    Step-by-step explanation:

    were solving for t and we know:

    a (t) = p (1 + (r/n)) ^nt

    5000=a-the total

    2940=p-the starting amount

    .041=r-the rate

    1=n-compound (annual)

    plug this into a graph:

    5000=2940 (1 + (.041/1)) ^x

    and you get : 13.22
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