A person invests 9500 dollars in a bank. The bank pays 5.75% interest compounded daily. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 26100 dollars? A= P(1+! nt

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03-11-2022
Mathematics

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A person invests 9500 dollars in a bank. The bank pays 5.75% interest compounded daily. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 26100 dollars? A= P(1+! nt

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PriyamB543276 PriyamB543276 · Answer 1 · 2022-11-03T02:31:47-04:00

PriyamB543276 PriyamB543276

03-11-2022

1. Data input

P = 9500 dollars

r = 5.75% daily

A = 26100 dollars

n = 365

2. Equation

[tex]A=P(1+\frac{r}{n})^{nt}[/tex][tex]\begin{gathered} 26100=9500(1+\frac{0.0575}{365})^{365t} \\ \frac{26100}{9500}=(1+0.00157)^{365t} \end{gathered}[/tex]

[tex]t=17.6\text{ years}[/tex]

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