SOLUTION: Paul deposited $500 into an account paying 8% compounded annually, where t=0 represents the year 2001. Find the first year that his account has at least $1,200. A)2002 B)2005 C)

Algebra ->  Exponential-and-logarithmic-functions -> SOLUTION: Paul deposited $500 into an account paying 8% compounded annually, where t=0 represents the year 2001. Find the first year that his account has at least $1,200. A)2002 B)2005 C)      Log On


   

Question 821338: Paul deposited $500 into an account paying 8% compounded annually, where t=0 represents the year 2001. Find the first year that his account has at least $1,200.
A)2002
B)2005
C)2010
D)2012
Answer by rfer(16322) About Me  (Show Source):
You can put this solution on YOUR website!
FV=500(1.08)^12
FV=500(2.5182)
FV=1259
D)2012