Question

NEED HELP I WILL MARK BRAINLIST AND DO NOT SPAM

Answer 1

Answer: it will take 14 years

Step-by-step explanation:

A savings account is started with an initial deposit of $600. This means that the principal P is

P = 600

It was compounded annually. This means that it was compounded once in a year. Therefore,

n = 1

The rate at which the principal was compounded is 2.1%. So

r = 2.1/100 = 0.021

The duration of time that for which the money stayed in the account is t years. So

Time = t

The formula for compound interest is expressed as

A = P(1+r/n)^nt

Where

A = total amount in the account at the end of t years. Therefore,

a) the equation to represent the amount of money in the account as a function of time in years would be

A = 600 (1+0.021/1)^1×t

A = 600 (1.021)^t

b) the amount of time it takes for the account balance to reach $800 would be

800 = 600 (1.021)^t

Dividing both sides of the equation by 600, it becomes

1.33 = (1.021)^t

t = 14