Question

Help please.
holly wants to save money for an emergency. Holly invests $1,500 in an account that pays an interest rate of 6.75% . How many years will it take for the account to reach $7,300? Round to the nearest hundredth

Answer 1

A= P(1+r)^t is the equation

Answer 2

@chris00

Answer 3

@BlooooooBlahBLIIIIK

Answer 4

now is the interest rate annually?

Answer 5

It doesnt state if its annually or not

Answer 6

\[A=P \left( 1+r \right)^{t}\]
where P=$1500, r=0.0675 A=$7,300

Answer 7

we need to find 't'

Answer 8

Yes

Answer 9

Would it be 24.23??

Answer 10

\[7300=1500\left( 1+0.0675 \right)^{t}\]
\[7300=1500\left( 1.0675 \right)^{t}\]
Dividing both sides by 1500,
\[\frac{ 73 }{ 15 }=1.0675^{t}\]
Taking the logarithm,
\[\ln \left( \frac{ 73 }{ 15 } \right)=tln \left( 1.0675 \right)\]
Making 't' the subject,
\[t=\frac{ \ln \left( \frac{ 73 }{ 15 } \right) }{ \ln \left( 1.0675 \right) }\]

Answer 11

which is t=24.23!

Answer 12

Yay thank you for much for explaining it for me!!

Answer 13

no problem :)

Answer 14

remember it is 24.23 years. never forget units!!!