Question

Rhonda deposited $4,227.29 into a savings account with an interest rate of 4.9% compounded monthly. About how long will it take for the account to be worth $9,000?

Answer 1

the interest rate you are given is annual but the interest is compounded monthly, what is the monthly interest rate?

Answer 2

doest say thats al the info im givin

Answer 3

no it doesn't say, but you can determine the monthly interest rate because you know how many months are in a year

Answer 4

12

Answer 5

yes. so how is that interest rate divided evenly amound the 12 months

Answer 6

idk

Answer 7

\[4,227.29\times \left(1+\frac{.049}{12}\right)^{12t}=9000\] solve for \(t\)

Answer 8

what do i do with the 12t?