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Vaselesa [24]
3 years ago
6

9400 dollars is placed in an account with an annual interest rate of 6.25%. To the nearest tenth of a year, how long will it tak

e for the account value to reach 47100 dollars?
Mathematics
1 answer:
liubo4ka [24]3 years ago
6 0

Answer:

t=64.2\ years

Step-by-step explanation:

we know that

The simple interest formula is equal to

A=P(1+rt)

where

A is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest  

t is Number of Time Periods

in this problem we have

t=?\ years\\ P=\$9,400\\ A=\$47,100\\r=6.25\%=6.25/100=0.0625

substitute in the formula above

47,100=9,400(1+0.0625t)

solve for t

t=[(47,100/9,400)-1]\0.0625

t=64.2\ years

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