Answered

Sammy invests $10,000 in an account that
earns 1.4% interest, compounded annually.
How long will it take for the account to be
worth $15,000?
years (round to three decimal places)

Answer :

adioabiola

The number of years it will take for the account to be worth $15,000 according to the task content is; 29.164 years.

How long will it take for the account to be worth $15,000?

It follows from the task content that the interest is compounded annually and hence, we have;

15000 = 10000(1.014)^x

1.5 = (1.014)^x

log (1.5) = x log(1.014)

x = log (1.5)/log(1.014)

x = 29.164 years.

Read more on compound interest;

https://brainly.com/question/26308943

#SPJ1

Other Questions