2 years ago

A person invests 2000 dollars in a bank. The bank pays 4.75% interest compounded

Mathematics

2 answers:

Juli2301 [7.4K]2 years ago

7 0

Answer:11.9

Step-by-step explanation:

grin007 [14]2 years ago

4 0

Answer:

t = 2.7

Step-by-step explanation:

1. Use formula provided

2. A = 3500 B = 2000 r = 4.75 n = 12months/4 = 3 months t = ?

3. Solve

3500=2000(1+4.75/3)^3t

3t=logbase(31/12)*1500

t=logbase(31/12)*1500 / 3

t ≅2.568

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