garnerchad777 garnerchad777

13-04-2017
Mathematics

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Jen wants to save money for the future. Jen invests $700 in an account that pays an interest rate of 6.75% How many years will it take for the account to reach $16,300. Round your answer to the nearest hundredth

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Aliwohaish12 Aliwohaish12

13-04-2017

16300=700(1.0675)^t
Solve for t
t=log(16,300÷700)÷log(1.0675)
t=48 years

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