*Will give brainliest. $1,500 is invested into an account with an interest rate of 6.75%. How many years will it take for the ac

Question

ANEK [815]

3 years ago

9

*Will give brainliest. $1,500 is invested into an account with an interest rate of 6.75%. How many years will it take for the ac

count to reach $7,300? Round to the nearest hundredth

Mathematics

1 answer:

algol [13] · Answer 1 · 2022-01-23T18:17:33+03:00

algol [13]3 years ago

7 0

The formula of a continuous compound interest is
A=p e^rt
A future value 7300
P present value 1500
E constant
R interest rate 0.0675
T time?
Solve the formula for t
T=[log (A/p)÷log (e)]÷r
T=(log(7,300÷1,500)÷log(e))÷0.0675
T=23 years