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Situation:
Tina wants to save money for school.
Tina invests $400 in an account that
pays an interest rate of 8%.
A = P(1+r)¹
P= amount of money invested
r = interest rate percentage in decimal form
t = time in years
A = total money in the account at timet
How many years will it take for the account to
reach $5,500? Round your answer to the nearest
hundredth.
Enter the correct answer.
DONE

Sagot :

It will take 4 year for the account to reach $5,500.

How to find the amount?

The formula we use to calculate the amount is

A = P(1+r)¹

Where, P= amount of money invested

r = interest rate percentage in decimal form

t = time in years

A = total money in the account at time

Tina wants to save money for school.

Tina invests $400 in an account that pays an interest rate of 8%.

A = P(1+r)¹

5500 = 400(( 1 + 0.08)^t

5500/ 400 = ( 1 + 0.08)^t

55/ 4 = (1.08)^t

13.75 = (1.08)^t

t = 4

It will take 4 year for the account to reach $5,500.

Learn more about interest;

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