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3 years ago

Mary Ellen invests $4000 in an account that earns 1.8% annual interest compounded monthly.

Mathematics

1 answer:

Vaselesa [24]3 years ago

3 0

Answer:

22.5 years to the nearest tenth.

Step-by-step explanation:

The equation is

6000 = 4000(1 + 0.018/12)^12t where t = the number of years

(1 + 0.018/12)^12t = 1.5

1.0015^12t = 1.5

Taking logs:

12t log 1.0015 = log 1.5

12t = log 1.5 / log 1.0015

12t = 270.51

t = 22.54 years.

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Answer:

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Step-by-step explanation:

$\boxed{\underline{\text{ORDER OF OPERATIONS:}}}$

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Note: PEMDAS or BODMAS stands for:

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Add.

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