Ask Question
20 July, 08:35

Tina wants to save money for school. tina invests $400 in an account that pay an interest rate of 7.5%. How many years will it take for the account to reach $8500? Round your answer to the nearest hundredth.

+4
Answers (1)
  1. 20 July, 11:13
    0
    Here's the given:

    P=$400

    i=7.5%

    A=$8500

    The formula used for this problem is:

    A = P (1+i) ^t

    Manipulating the equation to arrive at t, we have:

    t = ln (A/P) / ln (1+i)

    Plugging in values:

    t = ln ($8500/$400) / ln (1+0.075)

    t = 42.26 years
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Tina wants to save money for school. tina invests $400 in an account that pay an interest rate of 7.5%. How many years will it take for the ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers