SOLUTION: 100$ is put into an account that earns 3.5% interest compunded annually. How much would be in the account after 10 years? Also how long would it take for the account to have $200?

Question 812712: 100$ is put into an account that earns 3.5% interest compunded annually. How much would be in the account after 10 years? Also how long would it take for the account to have $200? For the first part I got 145$ and the second part I had no idea!thank you so much!
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
100$ is put into an account that earns 3.5% interest compunded annually. How much would be in the account after 10 years?
A(10) = 100(1+(0.035/1))^(1*10) = 100(1.035)^10 = $141.06
=============================
Also how long would it take for the account to have $200?
Solve for "t":
200 = 100(1.035)^t
-----
2 = 1.035^t
t = log(2)/log(1.035)
t = 20.15 years
--------------------
Cheers,
Stan H.
RELATED QUESTIONS
Tommy put $700 into a saving account that earns 4.5% interest compounded annually. How... (answered by Theo)

Suppose $1000 is invested in an account that earns 7% interest compounded annually. How... (answered by Fombitz)

Suppose $1000 is invested in an account that earns 7% interest compounded annually. How... (answered by Fombitz,solver91311)

4. You are planning to deposit $15,000 into a bank account at the end of each year for 5... (answered by Theo)

Lisa deposits $625 in an account that earns 4 percent interest compounded annually. How... (answered by ikleyn,ankor@dixie-net.com)

If today you put $10,000 into an account paying 10% annually, how much will there be in... (answered by rfer)

if 15,000 is invested in an account that earns 1.2% simple interest, how much money is in (answered by Boreal,MathTherapy)

1)Suppose you invest $150 at the end of each month for 6 years into an account earning 6% (answered by ikleyn)