3 years ago

7400 dollars is placed in an account with an annual interest

Mathematics

1 answer:

Anastasy [175]3 years ago

6 0

Answer:

Step-by-step explanation:

We have the following equation for compounding annual interest

AV=PV(1+i)ⁿ

We have

19200=7400(1+.06)ⁿ

Solve for n

divide both sides by 7400

2.594=(1.06)ⁿ

then use the following rule for exponents

$x^y=z\\log_xz=y$

which means that

$log_{1.06}2.594=n$

Solve and get

16.362

which rounds to 17

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