Question

Thomas wants to save money for a vacation. Thomas invests $400 in an account that pays an interest rate of 4%

How many years will it take for the account to reach $3,400? Round your answer to the nearest hundredth.

Answer 1

`400(1.04) ^(n) = 3400 \\ (1.04)^(n) = (3400)/(400) \\ n \: log(1.04) = 8.5 \\ n = (8.5)/( log(1.04) ) \\ n \ = 499`

round to nearest hundred

n = 500