Question
Rob has a balance of 1695$ in his bank account The account pays 2.9% interest per year, compounded annually. The compound interest formula is A=P(1+i)^n
A=future value\P=principal/i+interest rate/n=number of payments
rods balance will reach 3000$ after how many years?
A=future value\P=principal/i+interest rate/n=number of payments
rods balance will reach 3000$ after how many years?
Answers
Steve
1696(1.029)^n = 3000
1.029^n = 1.769
n = log1.769/log1.029 = 19.95
or abut 20 years
1.029^n = 1.769
n = log1.769/log1.029 = 19.95
or abut 20 years