anonymous
  • anonymous
I would really appreciate it if someone would help me with this question. Tina wants to save money for school. Tina invests $1,000 in an account that pays an interest rate of 8% How many years will it take for the account to reach $1,300? Round your answer to the nearest hundredth. Using the formula: A=P(1+r)^t
Mathematics
  • Stacey Warren - Expert brainly.com
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SOLVED
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jamiebookeater
  • jamiebookeater
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anonymous
  • anonymous
@Hoslos
anonymous
  • anonymous
@anelgomez__ what do you get using the aforementioned formula?
anonymous
  • anonymous
the answer that i had gotten was wrong @Hoslos

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anonymous
  • anonymous
Did you do\[\ln A=t \ln P(1+r)\rightarrow t =\frac{ \ln A }{ \ln P(1+r) }\]? Which subsequently gives \[\frac{ \ln 1300 }{ \ln 1000(1+0.08) }=?\] If so or if you understood, find '?'
anonymous
  • anonymous
is it 1.12 @Hoslos
anonymous
  • anonymous
It is ln1300/(ln1000)*1.08=0.96 @anelgomez__
anonymous
  • anonymous
Thank you!!(: @Hoslos
anonymous
  • anonymous
No problem @anelgomez__.

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