anonymous
  • anonymous
Help please. holly wants to save money for an emergency. Holly invests $1,500 in an account that pays an interest rate of 6.75% . How many years will it take for the account to reach $7,300? Round to the nearest hundredth
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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jamiebookeater
  • jamiebookeater
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anonymous
  • anonymous
A= P(1+r)^t is the equation
anonymous
  • anonymous
@chris00
anonymous
  • anonymous
@BlooooooBlahBLIIIIK

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More answers

anonymous
  • anonymous
now is the interest rate annually?
anonymous
  • anonymous
It doesnt state if its annually or not
anonymous
  • anonymous
\[A=P \left( 1+r \right)^{t}\] where P=$1500, r=0.0675 A=$7,300
anonymous
  • anonymous
we need to find 't'
anonymous
  • anonymous
Yes
anonymous
  • anonymous
Would it be 24.23??
anonymous
  • anonymous
\[7300=1500\left( 1+0.0675 \right)^{t}\] \[7300=1500\left( 1.0675 \right)^{t}\] Dividing both sides by 1500, \[\frac{ 73 }{ 15 }=1.0675^{t}\] Taking the logarithm, \[\ln \left( \frac{ 73 }{ 15 } \right)=tln \left( 1.0675 \right)\] Making 't' the subject, \[t=\frac{ \ln \left( \frac{ 73 }{ 15 } \right) }{ \ln \left( 1.0675 \right) }\]
anonymous
  • anonymous
which is t=24.23!
anonymous
  • anonymous
Yay thank you for much for explaining it for me!!
anonymous
  • anonymous
no problem :)
anonymous
  • anonymous
remember it is 24.23 years. never forget units!!!

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