how many years will it take for the account to reach $14.300 roud your answer to the nearest hundredth.Jen wants to save money for the future. Jen invests $700 in an account that pays an interest rate of 7.25%.

Question

anonymous · Answer

i think its 43.1

retireed · Answer

This is a bad question, since it doesn't state how the interest is compounded.  

Your answer is correct if the interest is compounded annually, however it doesn't say that, so I assumed this is simple interest.

   Your formula is   A = P (1+r/n )^nt        in your case n =1   solve for  t = 43.104 years

   My formula is       A = P e^rt   (simple or continuous interest)  solve for t = 41.613 years

Take your choice.  

Also if you could come back and tell the correct answer your teacher says it is, I would appreciate it.  Thanks