Thomas wants to save money for a vacation. Thomas invests $1,200 in an account that pays an interest rate of 4%. How many years will it take for the account to reach $14,400? Round to nearest hundreth
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Thomas invests $1,200 [when?] in an account that pays an [annual??} [compounded, simple?? ] interest rate of 4% [per annum???].
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this formula is for interest credited and compounded on annual basis on money invested on day 1
\(A(t)=P(1+r)^t\) is a straight substitution of
A(t) = $14,400
P = $1,200
r = 0.04
t = what you want to find
you will need to take logs....
Thomas will need to live for quite some time.