anonymous
  • anonymous
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
Algebra
katieb
  • katieb
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IrishBoy123
  • IrishBoy123
Thomas invests $1,200 [when?] in an account that pays an [annual??} [compounded, simple?? ] interest rate of 4% [per annum???].
anonymous
  • anonymous
That's all that's given
anonymous
  • anonymous
with the formula A=P(1+r)^t @irishboy123

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IrishBoy123
  • IrishBoy123
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.

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