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kirill115 [55]
3 years ago
14

You just won $30,000 and deposited your winnings into an account that pays 3.9 percent interest, compounded annually. how long w

ill you have to wait until your winnings are worth $75,000? 22.29 years 25.00 years 23.95 years 21.24 years 22.67 years
Business
1 answer:
ruslelena [56]3 years ago
7 0
For this case we have an equation of the form:
 y = A * (b) ^ x

 Where,
 A: initial amount
 b: growth rate
 x: number of years
 Substituting values we have:
 y = 30000 * (1,039) ^ x

 By the time the earnings increase to 75000 we have:
 75000 = 30000 * (1,039) ^ x

 From here, we clear x:
 (1,039) ^ x = (75000/30000)

log1.039 ((1.039) ^ x) = log1.039 ((75000/30000))


 x = log1.039 ((75000/30000))

x = 23.95 years
 Answer:
 
you will have to wait until 23.95 years your winnings are worth $ 75,000
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