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Odette deposited $3,624.40 into a savings account with an interest rate of 2.1% compounded annual. A...
5 months ago
Q:
Odette deposited $3,624.40 into a savings account with an interest rate of 2.1% compounded annual. About how long will it take for the account to be worth $7,000?A. 31 years, 9 monthsB. 30 years, 9 monthsC. 28 years, 4 months
Accepted Solution
A:
7000 = 3624*(1+0.21)^x7000 = 3624 *1.021^x7000/3624 = 1.021^x875/453 = 1.021^xxlog(1.021 = log(875/453x = 31.677 31 years 9 months