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loris [4]
2 years ago
12

A person invests 3000 dollars in a bank. The bank pays 6% interest compounded quarterly. To the nearest tenth of a year, how lon

g must the person leave the money in the bank until it reaches 7700 dollars?
Mathematics
1 answer:
aivan3 [116]2 years ago
4 0

Answer:

16 years approx

Step-by-step explanation:

Given data

P=$3000

r= 6%

A= $7700

t= ??

The compound interest formula is

A= P(1+r)^t

Calculate time, solve for t

t = ln(A/P) / r

substitute

t= ln(7700/3000)/0.06

t= ln(2.566)/0.06

t= 0.942/0.06

t= 15.7

The time is 16 years approx

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