ashleyshearodge
ashleyshearodge ashleyshearodge
  • 15-10-2017
  • Mathematics
contestada

tina wants to save money for school. tina invests 1100 in an account that pays an interest of 7.25%. how many years will it take the account to reach 6600?

Respuesta :

Edufirst
Edufirst Edufirst
  • 15-10-2017
This is compounded interest.

Formula:

Future value = Present value * ( 1 + %interest / 100) ^ t

Presente value = 110

% interest = 7.25%

t = ?

Future value = 6600

=> 6600 = 1100 ( 1 + 0.0725)^t

=> 6600 / 1100 = (1.0725)^ t

=> 6 = (1.0725)^t

=> t log(1.0725) = log(6)

=> t = log (6) / log (1.0725) = 25.59

=> answer = 26 years.
Answer Link

Otras preguntas

explain four ways individuals can influence government
a line passes through the origin and has a slope of 1/2. which of the following points does the line pass through? (0, ) (, 1) (1, 2) (2, 1) user: what is the s
how can you share five apples with seven friends?
the main reason that family and friends are frequent targets of aggressive is that
number 37.....…………………………………
Are u a Mindless fan (I am, I love roc royal (Santo Augusto) Tell me whose your favorite they are not out any more but anyway tell me whose your favorite Santo
identify the independent clause in the sentence: We are not eating on the patio because it's raining too hard.
Read the outline. A._______ Martin Luther King, Jr. fought for a cause greater than himself. Martin Luther King, Jr. was brave. Martin Luther King, Jr. led a pe
what is the maximum resolution and magnification that can be achieved with light and electron microscopes?
which juice cleans the pennies best