Question 972863: George wants to save money for a car. George invest $1,100 in an account that pays an interest rate of 4%. How many years will it take for the account to reach $3,900? Round your answer to the nearest hundredth.
Answer by solver91311(24713)   (Show Source):
You can put this solution on YOUR website!
^{nt})
}{n\ln\left(1\ +\ \frac{r}{n}\right)})
Where  is the future value,  is the present value,  is the interest rate expressed as a decimal,  is the number of compounding periods per year, and  is the number of years]
For this problem  ,  ,  , and (assuming, because you don't specify)  . Plug in the numbers. You can do your own arithmetic.
Of course, at this rate George will never get his car. By the time that he accumulates $3900 in this account, the cost of the car he wants will have increased to over $12,000 (give or take, depending on make and model)
John
My calculator said it, I believe it, that settles it
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