Question

HEED HELP!!!! WILL GIVE MEDAL AND FAN!!

Holly wants to save money for an emergency. Holly invests 1,500 in an account that pays in interest rate of 6.75%

How many years will it take for the account to reach 7,300 round your answer to the nearest hundredth

Answer 1

@jim_thompson5910

Answer 2

Assuming you use the same formula A = P(1+r)^t, you'd have

A = 7300
P = 1500
r = 0.0675
t = x

Answer 3

A = P(1+r)^t

7300 = 1500(1+0.0675)^x

solve for x

Answer 4

okay thats what i was doing wrong! i was doing everything the same besides 0.0675 i was doing 0.675

Answer 5

0.675 = 67.5%

I wish interest rates were that high

Answer 6

then again, someone would have to be paying that, so nvm