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Alenkasestr [34]
2 years ago
12

Nolan invested $5,300 in an account paying an interest rate of 3.8% compounded annually. Assuming no deposits or withdrawals are

made, how long would it take, to the nearest tenth of a year, for the value of the account to reach $6,880?
Mathematics
1 answer:
Sveta_85 [38]2 years ago
3 0

It will take Nolan 7 years compounded annually at the rate of 3% for his money to reach $6880

To solve this problem, we would use the formula of compound interest.

Data given;

  • A = 6880
  • P = 5300
  • r = 3.8 % = 0.038
  • N = 1

<h3>Compound Interest</h3>

The formula used in calculating compound interest is given as

A = P(1 + r/n)^n^t

let us plug in the values and solve for t.

6880 = 5300(1 + \frac{0.038}{1})^1^*^t\\&#10; \frac{6880}{5300}=(1+0.038)^t\\&#10; 1.29=(1.038)^t

Take the natural log of both sides

ln(1.29)=ln(1.038)^t\\&#10;0.25=t*0.037\\&#10;t=0.25/0.037\\&#10;t=6.75\\&#10;t=7

The time it will take for $5330 compounded annually at the rate of 3% is 7 years.

Learn more on compound interest here;

brainly.com/question/2455673

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