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Vlad1618 [11]
3 years ago
11

50 BRAINLY POINTS 3. A savings account is started with an initial deposit of $2400. The account earns 6% interest compounded ann

ually.
(a) Write an equation to represent the amount of money in the account as a function of time in years.
(b) Find the amount of time it takes for the account balance to reach 1 million. Show your work.
Note: 1 million is a 1 with 6 zeros. Note2: you must use log functions to solve.
Mathematics
1 answer:
sergiy2304 [10]3 years ago
8 0

Answer

144

Step-by-step explanation:

You would want to multiply so 2400 times by 6% and 6% is equal to 0.06 so just multiply those to get the answer of 144.

SORRY IF I'M WRONG>3

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<u>Solution-</u>

We know that,

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Where,

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Here,

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Putting the values,

\Rightarrow 2500000=P[\frac{(1+\frac{9}{1200})^{540}-1}{{\frac{9}{1200}}}]

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\Rightarrow P=\frac{2500000}{\frac{55.5365}{0.0075}}

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