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A principal of $3100 is invested at 3% interest, compounded annually. How many years will it take to accumulate $4000 or more in the account? (Use the
calculator provided if necessary.)
Write the smallest possible whole number answer.

Sagot :

samuelonum1

Answer:

8.46 years

Step-by-step explanation:

Given data

P=$3100

R= 3%

A= $4000

Calculate time, solve for t

t = ln(A/P) / r

substitute

t=ln(4000/3100)/3

t=ln1.290/0.03

t= 0.254/0.03

t= 8.46

Hence the time is 8.46 years

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