SOLUTION: You have $1200 to invest in a bank account with interest rate of 4.5% compounded monthly. After how many years will your account total pass $2200.
The correct answer is one of t
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Question 1199028: You have $1200 to invest in a bank account with interest rate of 4.5% compounded monthly. After how many years will your account total pass $2200.
The correct answer is one of the following. Which one is correct?
A) 12
B) 13
C) 14
D) 15
Answer by MathLover1(20849) (Show Source): You can put this solution on YOUR website!
The formula for compound interest is as follows:
where:
: principal amount, or initial investment
: amount after time
: interest rate
: number of compounding periods, usually expressed in years
:number of years
given:
(compounded monthly)
find:
=
we want to know when will be
use log
so,
account will surpass $ after years
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