A savings account is started with an initial deposit of $500. The account earns 1.5% interest compounded annually.

(a) Write an equation to represent the amount of money in the account as a function of time in years.

(b) Find the amount of time it takes for the account balance to reach $800.

Question

Liberty Little

1 September, 12:38

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Arielle Strickland · Answer 1

A) A=500 (1+0.015) ^t

b) 800=500 (1.015) ^t

800/500=1.015^t

t=log (800/500) / log (1.015)

t=31.6 years

A savings account is started with an initial deposit of $500. The account earns 1.5% interest compounded annually.(a) Write an equation to represent the amount of money in the account as a function of time in years.(b) Find the amount of time it takes for the account balance to reach $800.