Manuel invested $10,000 in a savings account with a 3% interest rate that gets compounded daily. Write a model for Manuel to tra
ck/predict his money's value over time. In how many years will the value of the account be $12,000?
1 answer:
Answer:
It will take 6.2 years for the value of the account to be $12,000
Step-by-step explanation:
P x (1 + rn)
Where P = Principal
r rate of interest
n = number of time interest is calculated in a year
$10,000 x (1.03)N = $12,000
(1.03)N = $12000 / $10000
(1.03)N = 1.2
Taking natural log,
N x ln 1.03 = ln 1.2
N x 0.0296 = 0.1823
N = 6.2 years
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