Question

Help please!

Jen wants to save money for the future. Jen invests $700 in an account that pays an interest rate of 6.75%
How many years will it take for the account to reach $16,300. Round your answer to the nearest hundredth

Answer 1

@timbo5lice

Answer 2

@lochana

Answer 3

ok hold up i gotcha i just need to finish up

Answer 4

okay(: @timbo5lice

Answer 5

http://cs.selu.edu/~rbyrd/math/continuous/

Answer 6

there is a pattern to tackle

1 year you will have \[700* \frac{106.75}{100} \]
2 year you will have \[(700* \frac{106.75}{100}) \frac{106.75}{100}\]
3 year you will have \[700* (\frac{106.75}{100})^3 \]

see the pattern?

Answer 7

yes kind of

Answer 8

now
\[700* (\frac{106.75}{100})^n = 16,300\]

\[(\frac{106.75}{100})^n = \frac{16,300}{700}\]

Answer 9

so the first equation on the last answer u put is the answer so would it be one or two years?? @lochana

Answer 10

I don't remember this question now. was my answer correct?

Answer 11

you will get n = 48.19

Answer 12

okay so the answer is 48.19? @lochana

Answer 13

I calculated it. I got that

Answer 14

okay thank you @lochana

Answer 15

you are welcome