Question

Ramona deposited $4,190.51 into a savings account with an interest rate of 5.2% compounded twice a year. About how long will it take for the account to be worth $9,000?

33 years, 5 months

29 years, 9 months

14 years, 11 months

20 years, 8 months

Answer 1

@iambatman @ganeshie8 @dan815 @Compassionate @Whitemonsterbunny17 @e.mccormick @e.mccormick

Answer 2

@zaibali.qasmi @scapeplan @Data_LG2

Answer 3

Sorry, but I don't remember what the formula for this is. :/

Answer 4

Can you call other smart ones?

Answer 5

@myininaya

Answer 6

You already tagged most of the users I know :p

Answer 7

@iPwnBunnies

Answer 8

@iambatman @ganeshie8

Answer 9

@myininaya

Answer 10

@dan815 @Compassionate

Answer 11

@LearningIsAwesome HELP!!!

Answer 12

@tHe_FiZiCx99

Answer 13

\(A = P\left(1+\dfrac{r}{n}\right)^{nt}\)

Answer 14

P = principal
r = APR
t = time in years
A = total Ammount
n = number of compounds per year

Answer 15

Your givens:

deposited $4,190.51
interest rate of 5.2%
compounded twice a year.
worth $9,000?

So, PrtAn... which is which?