Question

Tim has a savings account with the bank. The bank pays him 1% per year. he has $5,700 and wondered when it will reach $5,800. When will his savings reach $5,800? If necessary, round your answer to the nearest whole number.
Considering interest is calculated yearly, it will take Tim approximately _______ year(s).

Answer 1

Answer:

Step-by-step explanation:

$A=P(1+rt)\\ \\ t=\left(\frac{A}{P}-1\right)/r\\ \\ t=\left(\frac{5800}{5700}-1\right)/0.01=1.75y$