kizi123450
Answered

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A=6,500(1.0175)^4t

How long would the person need to leave their money in the bank until it reaches $20,100? Round the nearest whole number!​

A6500101754tHow Long Would The Person Need To Leave Their Money In The Bank Until It Reaches 20100 Round The Nearest Whole Number class=

Sagot :

abidemiokin

The time it will take the pereson to leave their money in the bank until it reaches $20,100 is 3 years

Given the exponential equation expressed as:

[tex]A=6500(1.0175)^{4t}\\[/tex]

Given that A = 20100, Substituting into the expression will give;'

20100 = 6500(1.0175)^4t

20100/6500 = (1.0175)^4t

3.0923 =  (1.0175)^4t

Taking the ln of both sides

ln3.0923  = 4tln(1.1075)

4t = ln3.0923 /ln(1.1075)

4t = 1.12891/0.1021

4t = 11.05690

t = 11.05690/4

t = 2.76

t ≈ 3 years

Hence the time it will take the pereson to leave their money in the bank until it reaches $20,100 is 3 years

Learn more on compound interest here: https://brainly.com/question/24274034

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