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nevsk
[136]
3 years ago
15
Rebecca deposited $5,338.18 into a savings account with an interest rate of 5.9% compounded twice a year. About how long will it
take for the account to be worth $10,000?
15 years, 11 months
32 years, 5 months
10 years, 10 months
11 years, 0 months
Mathematics
Answer
Comment
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1
answer:
MariettaO
[177]
3 years ago
8
0
Given:
P = $5338.18, principal
r = 5.9% = 0.059, interest rate
n = 2, nuber of compoundings per year
t = duraton, years
A = $10,000, target value.
Use the formula
That is,
Answer: 10years, 10 months
Send
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