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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

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  1. 9 September, 05:24
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    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
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