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 $200?
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Question 812712: 100$ 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
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Also how long would it take for the account to have $200?
Solve for "t":
200 = 100(1.035)^t
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2 = 1.035^t
t = log(2)/log(1.035)
t = 20.15 years
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Cheers,
Stan H.
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