Question

g Your savings account earns 1.72% interest. You have $3,000 left over from an internship that you will put into the saving account. There is currently no money in the account :( How many years is it until there is $3,756 in the account?

Answer 1

Answer:

It will take 13 years and 66 days

Explanation:

Giving the following information:

Your savings account earns 1.72% interest.

Present value= $3,000

Final value= $3,756

To calculate the number of years, we need to use the following formula:

n= ln(FV/PV) / ln(1+i)

n= ln(3,756/3,000) / ln(1.0172)

n= 13.18 years

To be more specific= 365*0.18= 66

It will take 13 years and 66 days