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avanturin [10]
4 years ago
9

Rick puts $6500 in a high interest money market account at 4.36% annual interest

Mathematics
1 answer:
Zinaida [17]4 years ago
5 0

Answer:

D. 1.7 years

Step-by-step explanation:

7000 = 6500(1 + 4.36%/12)^t

Where t is the no. of months

7000/6500 = (1.003633333)^t

Apply ln both sides

ln(14/13) = t ln(1.0109)

t = 20.43372117 months

Divide by 12 for no. of years

1.702810098 years

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