Question

Tim has a savings account with the bank. The bank pays him 1% per year. he has $5,700 and wondered when it will reach $5,800. When will his savings reach $5,800? If necessary, round your answer to the nearest whole number.

Considering interest is calculated yearly, it will take Tim approximately _______ year(s).

Answer 1

Explanation:

`A=P(1+rt)\\ \\ t=\left((A)/(P)-1\right)/r\\ \\ t=\left((5800)/(5700)-1\right)/0.01=1.75y`