Tina wants to save money for school. tina invests $400 in an account that pay an interest rate of 7.5%. How many years will it t ake for the account to reach $8500? Round your answer to the nearest hundredth.
1 answer:
Here's the given: P=$400 i=7.5% A=$8500 The formula used for this problem is: A = P(1+i)^t Manipulating the equation to arrive at t, we have: t = ln(A/P) / ln(1+i) Plugging in values: t = ln($8500/$400) / ln(1+0.075) t = 42.26 years
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