staceyc5079
Answered

Discover a world of knowledge at Westonci.ca, where experts and enthusiasts come together to answer your questions. Get immediate and reliable solutions to your questions from a community of experienced experts on our Q&A platform. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.

NEED HELP ASAP!! WILL MARK BRAINLIEST! John gets a $1000 bonus at work and decides to invest it. He puts his money into an account that earns an annual interest rate of 6.5% compounded once a year. He also decides to add $1200 to his account each year.

How many years will it take for John's account be worth $10,000?

Sagot :

mahesharanthilini

Answer:

I think 4 years

(not sure)

akjlaurelsprings

Answer: 7.1 years

Step-by-step explanation:

Lets write a simple interest expression for this:

SI = P(1 + rt)

10,000 = 1,000(1 + 0.065[t])

This model is not quite complete yet, since he is adding 1200 every year. To fix this, we simply add a constant term, 1200t, where t is the number of years that have passed.

10,000 = 1,000(1 + 0.065[t]) + 1200t

Now we just need to evaluate this:

10,000 = 1,000 + 65t + 1200t

9,000 = 1265t

.: t ≅ 7.115

It will take about 7.1 years

We hope you found this helpful. Feel free to come back anytime for more accurate answers and updated information. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. Westonci.ca is committed to providing accurate answers. Come back soon for more trustworthy information.