Question

. Odette deposited $3,624.40 into a savings account with an interest rate of 2.1% compounded annual. About how long will it take for the account to be worth $7,000?

Answer 1

Welcome to QC!

Answer 2

Wait hold on

Answer 3

Lemme do that again

Answer 4

Ok I get it now

Answer 5

3624+.021x=7000 3375.6=.021x x=3375.6 divided by .021

Answer 6

Does that make sense just plug that in

Answer 7

@Texasgal7 use this formula

A = A_0 * (1+r)^t

Answer 8

A = your target amount (7000)
A_0 = the initial deposit
r = interest as a decimal
t = number of years

you want to solve this for t

Answer 9

Closed due to answered.