anonymous
  • anonymous
Help please! Jen wants to save money for the future. Jen invests $700 in an account that pays an interest rate of 6.75% How many years will it take for the account to reach $16,300. Round your answer to the nearest hundredth
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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katieb
  • katieb
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anonymous
  • anonymous
@timbo5lice
anonymous
  • anonymous
@lochana
timbo5lice
  • timbo5lice
ok hold up i gotcha i just need to finish up

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anonymous
  • anonymous
okay(: @timbo5lice
timbo5lice
  • timbo5lice
http://cs.selu.edu/~rbyrd/math/continuous/
lochana
  • lochana
there is a pattern to tackle 1 year you will have \[700* \frac{106.75}{100} \] 2 year you will have \[(700* \frac{106.75}{100}) \frac{106.75}{100}\] 3 year you will have \[700* (\frac{106.75}{100})^3 \] see the pattern?
anonymous
  • anonymous
yes kind of
lochana
  • lochana
now \[700* (\frac{106.75}{100})^n = 16,300\] \[(\frac{106.75}{100})^n = \frac{16,300}{700}\]
anonymous
  • anonymous
so the first equation on the last answer u put is the answer so would it be one or two years?? @lochana
lochana
  • lochana
I don't remember this question now. was my answer correct?
lochana
  • lochana
you will get n = 48.19
anonymous
  • anonymous
okay so the answer is 48.19? @lochana
lochana
  • lochana
I calculated it. I got that
anonymous
  • anonymous
okay thank you @lochana
lochana
  • lochana
you are welcome

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