Situation:

Mathematics

1 answer:

Zigmanuir [339]2 years ago

8 0

It will take 4 year for the account to reach $5,500.

<h3>How to find the amount?</h3>

The formula we use to calculate the amount is

A = P(1+r)¹

Where, P= amount of money invested

r = interest rate percentage in decimal form

t = time in years

A = total money in the account at time

Tina wants to save money for school.

Tina invests $400 in an account that pays an interest rate of 8%.

A = P(1+r)¹

5500 = 400(( 1 + 0.08)^t

5500/ 400 = ( 1 + 0.08)^t

55/ 4 = (1.08)^t

13.75 = (1.08)^t

t = 4

It will take 4 year for the account to reach $5,500.

Learn more about interest;

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