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OpenStudy (anonymous):
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.
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OpenStudy (anonymous):
use the equation i gave you...
OpenStudy (anonymous):
which i have no idea what to plug in where
OpenStudy (anonymous):
Do you know what you are compounding by? Monthly, yearly, continuosly?
OpenStudy (anonymous):
yearly i believe
OpenStudy (anonymous):
if that is the case then A=P(1-R/n)^rt therefore 3400 = 400(1- .04/1)^(.04)t Solve for t
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