Question

Tina wants to save money for school. Tina invests $700 in an account that pays an interest rate of 4%. How many years will it take for the account to reach $1,800? Round your answer to the nearest hundredth

Answer 1

Answer:24.08

Step-by-step explanation:

log 2.57143 = log (1.04)^t simplify

Answer 2

T=log (A/p)/log (1+r)

A future value 1800
P present value 700
R interest rate 0.04
T time ?

T=log(1,800÷700)÷log(1+0.04)
T=24.08 round your answer
T=24 years

Hope it helps:-)