Question

Holly wants to save money for a emergency. Holly invests $1,100 in an account that pays an interest rate of 8.75%

Answer 1

P=amount of money investedr= interest rate percentage in decimal formt=time in yearsa=total money in the account at a time A = P(1 + rt)A/P = 1 + rtA/P - 1 = rtt = ((A/P)-1)/r t = ((5500/1000)-1)/(6.25/100)t = (5.5-1)/0.0625t = 4.5/0.0625 = 72 years It will take 72 years.