Question

*Will give brainiest. $600 is invested into an account with an interest rate of 7.5%.
A=P(1+r)^t
P=amount invested
r=interest rate as a decimal
t=time in years
A=total money in the account after time t.
How many years will it take for the account to reach $7,600? Round to the nearest hundredth.

Answer 1

the time will be 35 years

Answer 2

easy

A=600(1+0.075)^t
A=7600
7600=600(1.075)^t
divide both sides by 600
38/3=1.075^t
take the ln of both sides
ln(38/3)=t(ln1.075)
divide both sides by ln1.075
(ln(38/3))/(ln(1.075))=t
use calculator
35.1072=t
hundreth
35.11

answer is 35.11 years
or 35 years and 1.32 months