A person invest $2,940 in an account tgat earns 4.1% annual intrest. Find when the value of the investment reaches 5,000. If necessary round to the nearest tenth

Question

Mathematics

Ari Roy

1 July, 16:12

A person invest $2,940 in an account tgat earns 4.1% annual intrest. Find when the value of the investment reaches 5,000. If necessary round to the nearest tenth

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Answers (1)

Know the Answer?

Amari Singh · Answer 1

13.22

Step-by-step explanation:

were solving for t and we know:

a (t) = p (1 + (r/n)) ^nt

5000=a-the total

2940=p-the starting amount

.041=r-the rate

1=n-compound (annual)

plug this into a graph:

5000=2940 (1 + (.041/1)) ^x

and you get : 13.22