Ramona deposited $4,190.51 into a savings account with an interest rate of 5.2% compounded twice a year. About how long will it take for the account to be worth $9,000?

A. 33 years, 5 months

B. 29 years, 9 months

C. 14 years, 11 months

D. 20 years, 8 months

Question

Mathematics

Izabella Berry

30 May, 12:06

Ramona deposited $4,190.51 into a savings account with an interest rate of 5.2% compounded twice a year. About how long will it take for the account to be worth $9,000?

A. 33 years, 5 months

B. 29 years, 9 months

C. 14 years, 11 months

D. 20 years, 8 months

+2

Answers (1)

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Dilly Dally · Answer 1

A = P (1+r/2) ^2t A/P = (1+r/2) ^2t ln (A/P) = 2t ln ((1+r/2)) ln (A/P) / ln (1+r/2) = 2t ln (9000/4190.51) / ln (1+0.052/2) = 2t t=15 yrs therfore ans is C. 14 years, 11 months

Ramona deposited $4,190.51 into a savings account with an interest rate of 5.2% compounded twice a year. About how long will it take for the account to be worth $9,000?A. 33 years, 5 monthsB. 29 years, 9 monthsC. 14 years, 11 monthsD. 20 years, 8 months

Ramona deposited $4,190.51 into a savings account with an interest rate of 5.2% compounded twice a year. About how long will it take for the account to be worth $9,000?

A. 33 years, 5 months

B. 29 years, 9 months

C. 14 years, 11 months

D. 20 years, 8 months