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17 November, 23:49

Tina wants to save money for school. Tina invests $400 in an account that pays an interest rate of 8%. How many years will it take for the account to reach $5,500? Round your answer to the nearest hundredth.

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  1. 18 November, 01:06
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    A=p (1+r) ^t

    5500=400 (1+0.08) ^t

    Solve for t

    T=log (5,500:400) : log (1+0.08)

    T=34 years
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