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
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-> 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.
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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.
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...
