8500 dollars is placed in an account with an annual interest rate of 7%. To the

nearest year, how long will it take for the account value to reach 59700 dollars?

Answer: = 6 years 7 months

Step-by-step explanation:

Amount deposited = $8,500

Interest rate = 7%

Therefore, reaching account value of $59,700

8,500 / 100 X 7/1

= 85 x 7

= $595 + 8, 500

= $9,095 X 6 = 54, 570 (6 years)

9,095 : 12 x 7 + 54, 570

= 59, 700

= 6 years 7 months