Odette deposited $3,624.40 into a savings account with an interest rate of 2.1% compounded annual. About how long will it take for the account to be worth $7,000?

Question

anonymous · Answer

all I need to know is what formula to use and what to plug in
should I use I=PRT or the simple interest formul or the compund interest formula? or exponential growth formula?

directrix · Answer

7000 = 3624.40 (1 + .021)^t  where t is the time in years
t = 31.6718 years; roughly 31and a half years.

directrix · Answer

Formula Source: http://qrc.depaul.edu/StudyGuide2009/Notes/Savings%20Accounts/Compound%20Interest.htm

anonymous · Answer

7000 = 3654.40(1.021)^31.6718 right what i get confused on is that when it comes to multiplying the 1.021 and 31.6718 i always get something wrong also would i need to divide my answer by 7000?