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jenniferg1996
Group Title
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
 one year ago
 one year ago
jenniferg1996 Group Title
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
 one year ago
 one year ago

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Mertsj Group TitleBest ResponseYou've already chosen the best response.0
\[A=P(1+\frac{r}{n})^{nt}\]
 one year ago

Mertsj Group TitleBest ResponseYou've already chosen the best response.0
Plug into that, and solve for t
 one year ago

jenniferg1996 Group TitleBest ResponseYou've already chosen the best response.0
ok let me try and tell me if I am right ok
 one year ago

jenniferg1996 Group TitleBest ResponseYou've already chosen the best response.0
so is it \[4,232.56(1+0.034/365)^{365t}\]
 one year ago

jenniferg1996 Group TitleBest ResponseYou've already chosen the best response.0
I got 19 years 3 months is that right?
 one year ago

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

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

jenniferg1996 Group TitleBest ResponseYou've already chosen the best response.0
O ok thanks so much
 one year ago
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