PLZ HELP???!!!!!
Carissa deposited $4,232.56 into a savings account with an interest rate of 3.4% compounded daily. About how long will it take for the account to be worth $7,000?

48 years, 8month

15 years, 1 months

19 years, 3 months

14 years, 10 months

Question

PLZ HELP???!!!!!
Carissa deposited $4,232.56 into a savings account with an interest rate of 3.4% compounded daily. About how long will it take for the account to be worth $7,000? 

 48 years, 8month 

15 years, 1 months 

 19 years, 3 months 

 14 years, 10 months

mertsj · Answer

$$A=P(1+\frac{r}{n})^{nt}$$

mertsj · Answer

Plug into that, and solve for t

anonymous · Answer

ok let me try and tell me if I am right ok

anonymous · Answer

so is it $$4,232.56(1+0.034/365)^{365t}$$

mertsj · Answer

yes

mertsj · Answer

=7000

anonymous · Answer

I got 19 years 3 months is that right?

mertsj · Answer

no

mertsj · Answer

$$7000=4232.56(1+\frac{.034}{365})^{365t}$$
$$\frac{7000}{4232.56}=(1.000093151)^{365t}$$
$$\ln 1.653845=365t \ln 1.000093151$$

mertsj · Answer

Solving that yields t = 14.79
.79(12)=9.57
So 14 years 9.57 months or about 14 years 10 months.

anonymous · Answer

O ok thanks so much

mertsj · Answer

yw