Louis is saving money for a car, he invests $1,200 in an account that pays an interest rate of 7.5%. How many years will it take for the account to reach $14,000? Use formula

A = p (1 + r) ^t

Question

Mathematics

Guapo

9 September, 02:24

Louis is saving money for a car, he invests $1,200 in an account that pays an interest rate of 7.5%. How many years will it take for the account to reach $14,000? Use formula

A = p (1 + r) ^t

+4

Answers (1)

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Scarlet Allen · Answer 1

33.970041 years

Step-by-step explanation:

A = p (1+r) ^t

14,000 = 1,200 (1+0.075) ^t

14,000/1,200 = (1.075) ^t

log (14,000/1,200) = t log (1.075)

t = log (14,000/1,200) / log (1.075)

= 33.970041 years

Louis is saving money for a car, he invests $1,200 in an account that pays an interest rate of 7.5%. How many years will it take for the account to reach $14,000? Use formulaA = p (1 + r) ^t

Louis is saving money for a car, he invests $1,200 in an account that pays an interest rate of 7.5%. How many years will it take for the account to reach $14,000? Use formula

A = p (1 + r) ^t