Dylancagleyidn
Answered

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Jen wants to save money for the future. Jen invests $1,100 in an account that pays interest rate of 4%.
How many years will it take for the account to reach $2,900? Round your answer to the nearest hundredth.

Sagot :

The number of years it will take for the money to be $2900 is 40.91 years

How to find the years the money will accrue to 2900 dollars?

Using simple interest formula,

I = prt / 100

we are looking for t

where

  • p = principal
  • r = rate
  • t = time
  • I = simple interest

Therefore,

I = 2900 - 1100 = 1800

1800 = 1100 × 4 × t / 100

cross multiply

180000 = 4400t

t = 180000 / 4400

t = 40.9090909091

t = 40.91 years

learn more on interest here: https://brainly.com/question/7930503

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