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2 years ago

PLEASE HELP

Mathematics

1 answer:

Verdich [7]2 years ago

5 0

The time it will take the money to reach $8,838.51 is 14years

<h3>Compound interest</h3>

The formula for calculating compound interest is expressed as:

A = P(1+r)^t

where

P = $6,680

A = $8,838.51?

r = 2% = 0.02

Substitute and calculate the time 't"

8,838.51 = 6680(1+0.02)^t
1.3231 = 1.02^t

t = ln1.3231/ln1.02

t = 14years

Hence the time it will take the money to reach $8,838.51 is 14years

Learn more on compound interest here: brainly.com/question/24924853

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Step-by-step explanation:

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