jenniferg1996
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
Delete
Share
This Question is Closed
Mertsj
Best Response
You've already chosen the best response.
0
\[A=P(1+\frac{r}{n})^{nt}\]
Mertsj
Best Response
You've already chosen the best response.
0
Plug into that, and solve for t
jenniferg1996
Best Response
You've already chosen the best response.
0
ok let me try and tell me if I am right ok
jenniferg1996
Best Response
You've already chosen the best response.
0
so is it \[4,232.56(1+0.034/365)^{365t}\]
Mertsj
Best Response
You've already chosen the best response.
0
yes
Mertsj
Best Response
You've already chosen the best response.
0
=7000
jenniferg1996
Best Response
You've already chosen the best response.
0
I got 19 years 3 months is that right?
Mertsj
Best Response
You've already chosen the best response.
0
no
Mertsj
Best Response
You'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
Best Response
You'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.
jenniferg1996
Best Response
You've already chosen the best response.
0
O ok thanks so much
Mertsj
Best Response
You've already chosen the best response.
0
yw