Question

Use the formula for future value, A = P(1 + rt), to find the missing quantity.

A = $8,680; P = $7,000; r = 8%

Answer 1

Substitute all the values in to get:
8680 = 7000(1+.08t)
and then solve for t

Answer 2

Thanks! I got 1.148? is this right?

Answer 3

Nope, I got 3.

Answer 4

can I ask the steps it took you to get that? I seem to be confused :/

Answer 5

8680 = 7000(1+.08t)
divide by 7000
1.24 = 1 + .08t
subtract 1
0.24 = .08t
divide by .08
3 = t

Answer 6

thank you so much!