We have been given that you invest $100,000 in an account earning 8% interest compounded annually. We are asked to find the time it will take the amount to reach $300,000.
We will use compound interest formula to solve our given problem.
, where,
A = Final amount after t years,
P = Principal amount,
r = Annual interest rate in decimal form,
n = Number of times interest is compounded per year,
t = Time in years.






Let us take natural log on both sides of equation.

Using natural log property
, we will get:




Upon rounding to nearest tenth of year, we will get:

Therefore, it will take approximately 14.3 years until the account holds $300,000.
10^5=100,000
100,000*3.6
360,000
360,000/2400
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Answer:
parehas Tayo
Step-by-step explanation:
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Answer:
ko biet
Step-by-step explanation: