dabackwudz123
Answered

Westonci.ca offers quick and accurate answers to your questions. Join our community and get the insights you need today. Experience the ease of finding quick and accurate answers to your questions from professionals on our platform. Discover detailed answers to your questions from a wide network of experts on our comprehensive Q&A platform.

Situation:
Tina wants to save money for school.
Tina invests $400 in an account that
pays an interest rate of 8%.
A = P(1+r)¹
P= amount of money invested
r = interest rate percentage in decimal form
t = time in years
A = total money in the account at timet
How many years will it take for the account to
reach $5,500? Round your answer to the nearest
hundredth.
Enter the correct answer.
DONE

Sagot :

It will take 4 year for the account to reach $5,500.

How to find the amount?

The formula we use to calculate the amount is

A = P(1+r)¹

Where, P= amount of money invested

r = interest rate percentage in decimal form

t = time in years

A = total money in the account at time

Tina wants to save money for school.

Tina invests $400 in an account that pays an interest rate of 8%.

A = P(1+r)¹

5500 = 400(( 1 + 0.08)^t

5500/ 400 = ( 1 + 0.08)^t

55/ 4 = (1.08)^t

13.75 = (1.08)^t

t = 4

It will take 4 year for the account to reach $5,500.

Learn more about interest;

https://brainly.com/question/1310706

#SPJ1

Thank you for visiting. Our goal is to provide the most accurate answers for all your informational needs. Come back soon. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. We're glad you visited Westonci.ca. Return anytime for updated answers from our knowledgeable team.