Answered

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Elijah invested $610 in an account paying an interest rate of 4.1% compounded annually. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach $900?

Sagot :

Camille1101

Answer:

9.757

Step-by-step explanation:

To solve us the compound interest formula: [tex]A=P(1+\frac{r}{n} )^n^t[/tex]

Where A=amount earned; P=principle or starting amount; r=rate(remember to convert to decimal; t=time

Plug your numbers in:

[tex]900=610(1+\frac{.041}{1} )^1^t\\[/tex]

Divide by 610

[tex]1.475409836=(1.041)^t[/tex]

Convert to logarithms

㏒(1.475409836)=㏒1.041

Divide

㏒(1.4754-98236)/㏒1.041=x

9.757
It would take Elijah 36 years for the value of his account to reach 900 dollars
So the answer is 36 years
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