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Step-by-step explanation:
Answer:
It will take 55 years for the account value to reach 38200 dollars
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
In which E are the earnings, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
After t years, the total amount of money is:
.
In this problem, we ahve that:
So
First we find how much we have to earn in interest.
.
How much time to earn this interest?
Rounding up
It will take 55 years for the account value to reach 38200 dollars