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Tina wants to save money for school. Tina invests $400 in an account that pays an interest rate of 4%. How many years will it take for the account to reach $12,200? Round your a…

Tina wants to save money for school. Tina invests $400 in an account that pays an interest rate of 4%. How many years will it take for the account to reach $12,200? Round your a…
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Tina wants to save money for school. Tina invests $400 in an account that pays an interest rate of 4%.

How many years will it take for the account to reach $12,200? Round your answer to the nearest hundredth.

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User Waaghals
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8.2k points

1 Answer

4 votes

Answer:

400(1.04^x) = 12,200

1.04^x = 30.5

x = log(30.5)/log(1.04) = about 87.14 years

answered
User LunaticJape
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8.8k points
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