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I would really appreciate it if someone would help me with this question. Tina wants to save money for school. Tina invests $1,000 in an account that pays an interest rate of 8% How many years will it take for the account to reach $1,300? Round your answer to the nearest hundredth. Using the formula: A=P(1+r)^t
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@Hoslos
@anelgomez__ what do you get using the aforementioned formula?
the answer that i had gotten was wrong @Hoslos
Did you do\[\ln A=t \ln P(1+r)\rightarrow t =\frac{ \ln A }{ \ln P(1+r) }\]? Which subsequently gives \[\frac{ \ln 1300 }{ \ln 1000(1+0.08) }=?\] If so or if you understood, find '?'
is it 1.12 @Hoslos
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It is ln1300/(ln1000)*1.08=0.96 @anelgomez__
Thank you!!(: @Hoslos
No problem @anelgomez__.
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