Using the figure below, solve for Y.
2 answers:
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Answer:
5 years and 5 months
Step-by-step explanation:
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<u>Compound Interest Formula</u>
where:
- A = final amount
- P = principal amount
- r = interest rate (in decimal form)
- n = number of times interest applied per time period
- t = number of time periods elapsed
Given:
- A = $17,474.00
- P = $7,790.00
- r = 15% = 0.15
- n = 12
- t = number of years
Substitute the given values into the formula and solve for t:
Therefore, the money was in the account for 5 years and 5 months (to the nearest month).