An account with a $250 balance accrues 2% annually. If no deposits or withdrawals are made, which graph can be used to determine approximately how many years will it take for the balance to be $282?

Question

Mathematics

Declan Allison

3 July, 12:13

An account with a $250 balance accrues 2% annually. If no deposits or withdrawals are made, which graph can be used to determine approximately how many years will it take for the balance to be $282?

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Answers (2)

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Fisher Callahan · Answer 1

7 years

Step-by-step explanation:

Because there is no graph, I will just tell you how many years it should take, and you can probably figure it out from there. To start, let's [get out a calculator] find out what 2% of 250 is. This is 5, so we can add 5. Notice that adding 5 to the number does not change 2% of it by much, only by 5/50 or 0.1. So, we can keep adding until we get above 282, which should take 285 minus 250 over 5 times, or 7. So, the answer is 7 years. You can [get out a calculator] and find out that it is indeed 7 years.