Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Thong opened a compound interest account. He made an initial deposit of $1,280. The account pays him 3.6% annual interest and is compounded annually. If

image text in transcribed

Thong opened a compound interest account. He made an initial deposit of $1,280. The account pays him 3.6% annual interest and is compounded annually. If Thong doesn't make any other deposits into this account, how many years will it take for the balance in Thong's account to be $2,000 ? Here is the Balance Function for a compound interest account. B(t)=P(1+nr)nt Round your answer to the nearest tenth of a year. Input only the number. For example: 10.3

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Mathematics Of Finance

Authors: Robert Brown, Steve Kopp, Petr Zima

8th Edition

0070876460, 978-0070876460

More Books

Students also viewed these Finance questions