Carlene is saving her money to buy a $500 desk. She deposits $400 into an account with an annual interest rate of 6% compounded

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Carlene is saving her money to buy a $500 desk. She deposits $400 into an account with an annual interest rate of 6% compounded

continuously. The equation mc021-1. Jpg represents the situation, where t is the number of years the money needs to remain in the account. About how long must carlene wait to have enough money to buy the desk? use a calculator and round your answer to the nearest whole number.

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1 answer:

notka56 [123] · Answer 1 · 2023-01-22T09:48:17+03:00

The time that Carlene would have to wait to buy the desk is 4 years.

<h3>How long would it take before Carlene can afford to buy the desk?</h3>

When an amount of money is compounded, it means that both the amount that was invested and the interest accrued earn interest.

The formula that can be used to determine the time is

N = log(FV / PV) / log(e) / interest rate

log(500 / 400) / log(e) / 0.06 = 3.71 years = 4 years

To learn more about how to determine time, please check: brainly.com/question/25760893