Question

Check my answer please?

Rae deposited $6,513.05 into a savings account with an interest rate 4.6% compounded twice a year, about how long will it take for the account to be worth $9,000
A.15 years, 0 months
B. 7 years, 1 month <- my answer
C. 14 years, 3 month
D.17 years, 3 months

@hartnn

Answer 1

@hartnn

Answer 2

@sammixboo @zepdrix

Answer 3

@GracyGirl

Answer 4

4.6% / 2 = 2.3% = amount the accout increased ever 6 months.
$9,000 / $6513.05 = how much each dollar invested is now worth
9,000 / $6513.05 = 1.023^N
ln(9,000 / $6513.05) = N(ln(1.023))
N = ln(9,000 / $6513.05) / (ln(1.023)) = 14.22 six month periods
14.22 / 2 = about 7 years, 1 month
B.)

Answer 5

you're correct

Answer 6

Agreed. (Heyo :D)