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wlad13 [49]
3 years ago
7

7400 dollars is placed in an account with an annual interest

Mathematics
1 answer:
Anastasy [175]3 years ago
6 0

Answer:

17

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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