g Your savings account earns 1.72% interest. You have $3,000 left over from an internship that you will put into the saving account. There is currently no money in the account : (How many years is it until there is $3,756 in the account?

Question

Business

Joe

12 February, 22:15

g Your savings account earns 1.72% interest. You have $3,000 left over from an internship that you will put into the saving account. There is currently no money in the account : (How many years is it until there is $3,756 in the account?

+3

Answers (1)

Know the Answer?

Maya Shaw · Answer 1

It will take 13 years and 66 days

Explanation:

Giving the following information:

Your savings account earns 1.72% interest.

Present value = $3,000

Final value = $3,756

To calculate the number of years, we need to use the following formula:

n = ln (FV/PV) / ln (1+i)

n = ln (3,756/3,000) / ln (1.0172)

n = 13.18 years

To be more specific = 365*0.18 = 66

It will take 13 years and 66 days