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anonymous
 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
anonymous
 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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Mertsj
 3 years ago
Best ResponseYou've already chosen the best response.0\[A=P(1+\frac{r}{n})^{nt}\]

Mertsj
 3 years ago
Best ResponseYou've already chosen the best response.0Plug into that, and solve for t

anonymous
 3 years ago
Best ResponseYou've already chosen the best response.0ok let me try and tell me if I am right ok

anonymous
 3 years ago
Best ResponseYou've already chosen the best response.0so is it \[4,232.56(1+0.034/365)^{365t}\]

anonymous
 3 years ago
Best ResponseYou've already chosen the best response.0I got 19 years 3 months is that right?

Mertsj
 3 years ago
Best ResponseYou've already chosen the best response.0\[7000=4232.56(1+\frac{.034}{365})^{365t}\] \[\frac{7000}{4232.56}=(1.000093151)^{365t}\] \[\ln 1.653845=365t \ln 1.000093151\]

Mertsj
 3 years ago
Best ResponseYou've already chosen the best response.0Solving that yields t = 14.79 .79(12)=9.57 So 14 years 9.57 months or about 14 years 10 months.
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