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Sagot :
Using compound interest, it is found that Dante was 6.6 years old when the balance in the account reached $13,000.
What is compound interest?
The amount of money earned, in compound interest, after t years, is given by:
[tex]A(t) = P\left(1 + \frac{r}{n}\right)^{nt}[/tex]
In which:
- A(t) is the amount of money after t years.
- P is the principal(the initial sum of money).
- r is the interest rate(as a decimal value).
- n is the number of times that interest is compounded per year.
In this problem, we have that the parameters are given as follows:
A(t) = 13000, A(0) = 10000, r = 0.04, n = 12.
Hence the time in years is found as follows:
[tex]A(t) = P\left(1 + \frac{r}{n}\right)^{nt}[/tex]
[tex]13000 = 10000\left(1 + \frac{0.04}{12}\right)^{12t}[/tex]
[tex](1.0033)^{12t} = 1.3[/tex]
[tex]\log{(1.0033)^{12t}} = \log{1.3}[/tex]
[tex]12t\log{1.0033} = \log{1.3}[/tex]
[tex]t = \frac{\log{1.3}}{12\log{1.0033}}[/tex]
t = 6.6
More can be learned about compound interest at https://brainly.com/question/25781328
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