A community for students.
Here's the question you clicked on:
 0 viewing
anonymous
 5 years ago
ina wants to save money for school. Tine invests $400 in an account that pays an interest rate of 7.5%. How many years will it take for the account to reach $8,500? Round your answer to the nearest hundredth.
anonymous
 5 years ago
ina wants to save money for school. Tine invests $400 in an account that pays an interest rate of 7.5%. How many years will it take for the account to reach $8,500? Round your answer to the nearest hundredth.

This Question is Closed

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0Assuming this is a simple annual interest problem, you would use the equation I=Prt Where I = Interest, P = Principal (original investment), R = rate (in decimal form), and t = time (in years). You just plug each number into the equation and solve for t. The Interest will be 8,500  400 (8,100), since you are including your original investment.

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0i'm a little confused

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0First, change the interest rate to decimal form. this will be 0.075. You want to solve the equation for time (t) so you change the equation like so. \[t = I \div (\Pr)\] Then you plug in each term, for I you will use $8,100, P will be $400, r will be 0.075. Your answer will be in years.

anonymous
 5 years ago
Best ResponseYou've already chosen the best response.0answer i got was 270 ?
Ask your own question
Sign UpFind more explanations on OpenStudy
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.