EricCerrillos111 EricCerrillos111

23-05-2017
Mathematics

contestada

Tina wants to save money for school. Tina invests $1,000 in an account that pays an interest rate of 6.75%. How many years will it take for the account to reach $18,600?

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Aliwohaish12 Aliwohaish12

23-05-2017

Hi there :-)

The formula is
A=p (1+r)^t
We need to solve for t
T=log (A/p)÷log (1+r)

A 18600
p 1000
R 0.0675

T=log(18,600÷1,000)÷log(1+0.0675)
T=44.8 years

Hope it helps

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vic2002 vic2002

14-10-2019

Answer: the answer is...

44.75

Answer Link

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