A person invests 9500 dollars in a bank. The bank pays 5% interest compounded annually. To the nearest tenth of a year, how long
must the person leave the money in the bank until it reaches 13200 dollars?
2 answers:
Answer:
6.58 years
Step-by-step explanation:
Step one:
Given data
Principal=$9500
rate= 5%= 0.05
Final amount= $13200
Required:
The time t
Step two
The expression for the compound interest is
t = ln(A/P) / r.
substitute
t = ln(13200/9500) /0.05
t= ln(1.39)/0.05
t=0.329/0.05
t=6.58 years
Answer:
6.7
Step-by-step explanation:
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