Question

** I NEED HELP Will Fan & Medal **
Situation: 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.

Answer 1

divide

Answer 2

or whatever

Answer 3

Not going to fall for that.

Answer 4

its my guess, wasn't saying that was how u do it

Answer 5

@FortyTheRapper do you know how?

Answer 6

4

Answer 7

i think 2 years

Answer 8

Your entire investment is: \(\color{#000000 }{ \displaystyle $1000 }\)
(and this 100% of the investment.)

When you take 8% of the investment, that is: \(\color{#000000 }{ \displaystyle (8/100) }\)th
And 8% of the investment is:
\(\color{#000000 }{ \displaystyle $1000\cdot (8/100)=$80 }\)

So each year you get 80$.

Answer 9

You want to raise your money to $1300, and that is by $300.

In how many years will you get $300 if each year you get $80?

Answer 10

so 4 years is 320 and rounded its 300 right?

Answer 11

@SolomonZelman I don't know because 80*3 is 240 and 80*4 is 320 so neither go to 300

Answer 12

Yup

Answer 13

You will get it in 4 years...

Answer 14

Not because you are rounding, but you need to get 1300 or more, and THAT you can get in 4 years.

Answer 15

I put 4 and it said incorrect :( I hate math

Answer 16

I suppose then,

300/80=3.75

Answer 17

Maybe 3.75, but that would be really wierd...

Answer 18

That probably was it because my math class is weird they want decimals

Answer 19

But, in practice, though, you wouldn't get your money until the 4th year is over. This is why they are wrong.

Answer 20

If they are proposing such a scenario, then the assuming is - an integer number of years.

Answer 21

the **assumption