SOLUTION: Paul invests ​$3000 in a savings account earning interest at a rate of 4​% compounded annually. How long will it take for the ​$3000 to grow to ​$ 5700?

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Question 1103290: Paul invests ​$3000 in a savings account earning interest at a rate of
4​% compounded annually. How long will it take for the ​$3000 to grow to ​$
5700?
Found 2 solutions by snoreaylil, ikleyn:
Answer by snoreaylil(2)   (Show Source): You can put this solution on YOUR website!
first you must make an equation. In this case it would be y=3000(1+.04)^x
then you can make a table with said equation

you scroll down the table until you find the number 5700 or something close to it
and then the value of x is your amount of years
in this case x=17
It will take 17 years for the $3000 to turn into 5700
Answer by ikleyn(52803)   (Show Source): You can put this solution on YOUR website!
.
Paul invests ​$3000 in a savings account earning interest at a rate of 4​% compounded annually.
How long will it take for the ​$3000 to grow to ​$5700?
~~~~~~~~~~~~~~~~~~~~~~~~ 

Future value =  = .


    TABLE

years	balance
----------------

0	3000.00
1	3120.00
2	3244.80
3	3374.59
4	3509.58
5	3649.96
6	3795.96
7	3947.80
8	4105.71
9	4269.94
10	4440.73
11	4618.36
12	4803.10
13	4995.22
14	5195.03
15	5402.83
16	5618.94
17	5843.70
18	6077.45

Answer. 16 years is not enough. 17 years is enough.


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