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Texasgal7:
. 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?
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Ultrilliam:
Welcome to QC!
Bearclaws72:
Wait hold on
Bearclaws72:
Lemme do that again
Bearclaws72:
Ok I get it now
Bearclaws72:
3624+.021x=7000 3375.6=.021x x=3375.6 divided by .021
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Bearclaws72:
Does that make sense just plug that in
Vocaloid:
@Texasgal7 use this formula A = A_0 * (1+r)^t
Vocaloid:
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
Vocaloid:
Closed due to answered.
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