Using compound interest, it is found that Dante was 6.6 years old when the balance in the account reached $13,000.
<h3>What is compound interest?</h3>The amount of money earned, in compound interest, after t years, is given by:
In which:
- A(t) is the amount of money after t years.
- P is the principal(the initial sum of money).
- r is the interest rate(as a decimal value).
- n is the number of times that interest is compounded per year.
In this problem, we have that the parameters are given as follows:
A(t) = 13000, A(0) = 10000, r = 0.04, n = 12.
Hence the time in years is found as follows:
t = 6.6
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