7400 dollars is placed in an account with an annual interest rate of 7%. To the nearest
1 answer:
Answer:
23.4 years.
Step-by-step explanation:
7400 dollars is placed in an account with an annual interest rate of 7%.
Now, let us assume that the interest is compounded annually and it will take x years for account value to reach 36000 dollars.
Hence, from the formula of compound interest, we can write that
⇒
Taking ln both sides we get,
x ln (1.07) = ln (4.865)
⇒ x = 23.4 years.
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