A person invests 8000 dollars in a bank. The bank pays 4.75% interest compounded daily. To the nearest tenth of a year , how lon

Question

3 years ago

14

g must the person leave the money in the bank until it reaches 20400 dollars?

1 answer:

Rina8888 [55] · Answer 1 · 2022-10-08T19:55:55+03:00

The number of days for which the money is left to reach the 20,400$ mark is; 21.28 days

<h3>Compound interest</h3>

The final amount to be reached is; $20400

The principal amount is; $8,000 and at. rate of 4.75 % compounded.

Hence, it follows that;

Divide both sides of the equation by 8000; we have;

Take log of both sides;