anonymous
  • anonymous
PLZ HELP???!!!!! Carissa deposited $4,232.56 into a savings account with an interest rate of 3.4% compounded daily. About how long will it take for the account to be worth $7,000? 48 years, 8month 15 years, 1 months 19 years, 3 months 14 years, 10 months
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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schrodinger
  • schrodinger
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Mertsj
  • Mertsj
\[A=P(1+\frac{r}{n})^{nt}\]
Mertsj
  • Mertsj
Plug into that, and solve for t
anonymous
  • anonymous
ok let me try and tell me if I am right ok

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anonymous
  • anonymous
so is it \[4,232.56(1+0.034/365)^{365t}\]
Mertsj
  • Mertsj
yes
Mertsj
  • Mertsj
=7000
anonymous
  • anonymous
I got 19 years 3 months is that right?
Mertsj
  • Mertsj
no
Mertsj
  • Mertsj
\[7000=4232.56(1+\frac{.034}{365})^{365t}\] \[\frac{7000}{4232.56}=(1.000093151)^{365t}\] \[\ln 1.653845=365t \ln 1.000093151\]
Mertsj
  • Mertsj
Solving that yields t = 14.79 .79(12)=9.57 So 14 years 9.57 months or about 14 years 10 months.
anonymous
  • anonymous
O ok thanks so much
Mertsj
  • Mertsj
yw

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