Question

David invested $230 in a savings account that offers a 3% return on the investment. the value of david's investment will be at least $415 after a
period of years.
hint: use the formula a = a1 + ', where a is the amount after tyears, pis the amount invested, r is the rate of interest, and is the time period.
use a calculator to compute the answer, and round it off to the nearest year.

Answer 1

20 years is the answer.

A= R(1+r)^ t

A-415    

R=230

r=3%

415=230 (1+3%)^ t

t=log1.03  315/230

t=19.89 (use calculator)

David will invest at least 20 years.

An investment is a dedication of an asset to achieve an increase in value over a period of time. Investing requires the sacrifice of current assets such as time, money and effort. In finance, the purpose of an investment is to generate a profit on the invested asset

The most common example of an investment type. Investment is generally what you want to use in the future with the aim of generating regular cash flow or increasing the value of something over time so that you can sell it at a higher price than you purchased.

Learn about unitary method here:https://brainly.in/question/30655264

#SPJ4