SOLUTION: George wants to save money for a car. George invest $1,100 in an account that pays an interest rate of 4%. How many years will it take for the account to reach $3,900? Round your

Question 972863: George wants to save money for a car. George invest $1,100 in an account that pays an interest rate of 4%. How many years will it take for the account to reach $3,900? Round your answer to the nearest hundredth.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!

Where

is the future value,

is the present value,

is the interest rate expressed as a decimal,

is the number of compounding periods per year, and

is the number of years]

For this problem

, and (assuming, because you don't specify)

. Plug in the numbers. You can do your own arithmetic.

Of course, at this rate George will never get his car. By the time that he accumulates $3900 in this account, the cost of the car he wants will have increased to over $12,000 (give or take, depending on make and model)

John

My calculator said it, I believe it, that settles it

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