Question

A person invested $2,500 in an account growing at a rate allowing the money to

Answer 1

Answer:

Step-by-step explanation:

A person invested $2,500 in an account growing at a rate allowing the money to double every 11 years. How long, to the nearest tenth of a year would it take for the

value of the account to reach $3,800?

The formula for exponential growth given as:

A(t) = Ao (1/2)^t/t½

A(t) = Amount after time t = $3,800

Ao = Initial amount invested = $2500

t = Time in years

t½ = Time it takes to double = 11 years

Hence,

3800 = 2500(1/2)^t/11

Divide both sides by 2500

3800/2500 = 2500(1/2)^t/11/2500