Question

5800 dollars is placed in an account with an annual interest rate of 9%. To the nearest tenth of a year, how long will it take for the account value to reach 17600 dollars?

Answer 1

Answer:

It will take 12.88 years for the account value to reach 17600 dollars.

Step-by-step explanation:

5800 dollars is placed in an account with an annual interest rate of 9%.

Principal = $5800

Rate of interest = 9 %

We are supposed to find how long will it take for the account value to reach 17600 dollars

So, Amount = $17600

Formula : $A=P(1+r)^t$

A = Amount

P = Principal

r = rate of interest

t = time

Substitute the values in the formula :

$17600=5800(1+0.09)^t$

$\frac{17600}{5800}=1.09^t$

t=12.88

Hence It will take 12.88 years for the account value to reach 17600 dollars.