SOLUTION: David invested $220 in a savings account that offers a 3% return on the investment. The value of David's investment will be at least $400 after a period of years. Hint: Use the

Question 1034689: David invested $220 in a savings account that offers a 3% return on the investment. The value of David's investment will be at least $400 after a period of years.
Hint: Use the formula A = P(1 + r)t, where A is the amount after t years, P is the amount invested, r is the rate of interest, and t is the time period. Use a calculator to compute the answer, and round it off to the nearest year.

Answer by fractalier(6550) (Show Source): You can put this solution on YOUR website!
Using we can plug in to find t...we have
400 = 220(1.03)^t
Now solve for t...
1.818 = 1.03^t
take ln
ln 1.818 = t * ln(1.03)
t = 20.225 or 20 years to the nearest year...
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