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

please help me you guys

Answer 2

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Answer 3

I can help you

Answer 4

33 years, 2 months

3 years, 8 months

15 years, 10 months

15 years, 6 months

Answer 5

thts the choices

Answer 6

Have you considered the standard accumulation formula?

\(4,227.29\left(1+\dfrac{0.049}{12}\right)^{12*n} = 9000\)

Solve for n, the number of years.

However, as it asks for ABOUT how long, I'm tempted to use the "Rule of 72"!

9000/4227.29 = 2.129 -- That's pretty close to 2.

72/4.9 = 14.7 is a little short. So 15 years? This doesn't do a lot for us,. but it does rule out the first two choices.

Answer 7

15 yrs 10 mths

Answer 8

thk you <3