1 answer:
You might be interested in
Answer:
Step-by-step explanation:
The equation for the amount of money in an account after a certain amount is deposited and compounded after t years once per year is
Our A(t) = 33800, P = 4400, r = .075 and we are looking for t. Filling in:
and
Begin by dividing both sides by 4400 to get
The only way to move that t our from its current position as an exponent is to take the natural log of both sides and follow the rules for natural logs:
The power rule of natural logs says we can move that exponent down in front, giving us:
Divide both sides by ln(1.075) to get
Do this division on your calculator to get
t = 28.2 years