staceyc5079
Answered

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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

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