Answered

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a principal of is invested at interest, compounded annually. how many years will it take to accumulate or more in the account? (use the calculator provided if necessary.)

Sagot :

You will therefore have interest, at least $[tex]2000[/tex] in the account after approximately 8 years and 5 months.

When calculating interest over time, use the following formula:

A = P [1 + (r/n)] ^(nt) .where n = how many times you compound during a year, t = time in years, A = new amount in the account, P = principal, r = percent rate as a decimal, and

[tex]A = 2000 \sP = 1500 \sr = 0.035 \sn=1[/tex]

So, you obtain:

[tex]2000 = 1500 (1+0.035)^t[/tex]

Multiply by 1500:

[tex](4/3) = (1.035)^t[/tex]

Put "ln" to use on both sides:

[tex]ln(4/3) = t*ln (1.035)[/tex]

Do the logarithm calculations:

[tex]0.28768 = t*0.03440[/tex]

Divide both sides by[tex]0.03440:[/tex]

[tex]8.36[/tex] years, or t

You will therefore have at least $[tex]2000[/tex] in the account after approximately 8 years and 5 months.

Learn more about  interest from

brainly.com/question/2294792

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