Question

holly wants to save money for an emergency. holly invests $1200 in an account that pays an interest rate of 4%. how many years will it take for the account to reach $15,400? round your answer to the nearest hundredth

Answer 1

15400=1200 (1+0.04)^t
Solve for t
T=log(15,400÷1,200)÷log(1+0.04)
T=65 years