3600 dollars is placed in an account with an annual interest rate of 5.5%. To the nearest year, how long will it take for the account value to reach 7800 dollars?

Question

Mathematics

Dario Macias

4 August, 17:12

3600 dollars is placed in an account with an annual interest rate of 5.5%. To the nearest year, how long will it take for the account value to reach 7800 dollars?

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Answers (1)

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Poncho · Answer 1

14.44

Step-by-step explanation:

The formula says

A=p (1+r) ^t

A 7800

P 3600

R 0.055

T?

7800=3600 (1+0.055) ^t

7800/3600 = (1.055) ^t

Log (7800/3600) = t * log (1.055)

T=log (7800/3600) / log (1.055)

T = 14.44 years