Tina wants to save money for school. Tina invests $1,000 in an account that pays an interest rate of 6.75%. How many years will it take for the account to reach $18,600?

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asked Jun 10, 2018 87.1k views

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Yuming · Answer 1 · 2018-06-12T02:54:56+0000

Hi there :-)

The formula is
A=p (1+r)^t
We need to solve for t
T=log (A/p)÷log (1+r)

A 18600
p 1000
R 0.0675

T=log(18,600÷1,000)÷log(1+0.0675)
T=44.8 years

Hope it helps

Tina wants to save money for school. Tina invests $1,000 in an account that pays an interest rate of 6.75%. How many years will it take for the account to reach $18,600?

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