Question

Tina wants to save money for school. Tina invests $1000 in an account that pays an interest rate of 8%. How many years will it take for the account to reach $1300? Round your answer to the nearest hundredth.

Answer 1

1300=1000(1+0.08)^n

1300=1000(1+0.08)^n  =   1.3=1.08^n    =    n=㏒(∨1.08)(1.3)
----------------
    1000

n=3.40905

It will take Tina about 3 1/2 years to reach her goal.