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jenniferg1996

  • 3 years ago

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

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  1. Mertsj
    • 3 years ago
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    \[A=P(1+\frac{r}{n})^{nt}\]

  2. Mertsj
    • 3 years ago
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    Plug into that, and solve for t

  3. jenniferg1996
    • 3 years ago
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    ok let me try and tell me if I am right ok

  4. jenniferg1996
    • 3 years ago
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    so is it \[4,232.56(1+0.034/365)^{365t}\]

  5. Mertsj
    • 3 years ago
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    yes

  6. Mertsj
    • 3 years ago
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    =7000

  7. jenniferg1996
    • 3 years ago
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    I got 19 years 3 months is that right?

  8. Mertsj
    • 3 years ago
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    no

  9. Mertsj
    • 3 years ago
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    \[7000=4232.56(1+\frac{.034}{365})^{365t}\] \[\frac{7000}{4232.56}=(1.000093151)^{365t}\] \[\ln 1.653845=365t \ln 1.000093151\]

  10. Mertsj
    • 3 years ago
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    Solving that yields t = 14.79 .79(12)=9.57 So 14 years 9.57 months or about 14 years 10 months.

  11. jenniferg1996
    • 3 years ago
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    O ok thanks so much

  12. Mertsj
    • 3 years ago
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    yw

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