Question

David invested $220 in a savings account that offers a 3% return on the investment. The value of

Answer 1

Answer:

20 years

Step-by-step explanation:

Using the formula; A = P(1 + r)^t

We can plug in the known to find t

400 = 220(1.03)^t

then solve for t;

1.818 = 1.03^t

Introducing In

In 1.818 = t × In (1.03)

t = 20.225  

t = 20 years to the nearest year