Question

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

Answer 1

@Hoslos

Answer 2

@anelgomez__ what do you get using the aforementioned formula?

Answer 3

the answer that i had gotten was wrong @Hoslos

Answer 4

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 '?'

Answer 5

is it 1.12 @Hoslos

Answer 6

It is ln1300/(ln1000)*1.08=0.96 @anelgomez__

Answer 7

Thank you!!(: @Hoslos

Answer 8

No problem @anelgomez__.