Using the formula provided, we can set up the equation as follows:
11000 = 550(1 + 0.079)^n - 1 / 0.079
Solving for n, we get:
11000 = 550(1.079)^n - 1 / 0.079
11000 = 550(1.079)^n - 1 / 0.079
11000 = 68.45(1.079)^n - 1
1.079^n = (11000 +1) / 68.45
1.079^n = 160.41
n log 1.079 = log 160.41
n = log 160.41 / log 1.079
n ≈ 11.7
Therefore, it would take approximately 11.7 years for Gabriella to have $11,000 in the account.
Gabriella deposits dollar sign, 550$550 every year into an account earning an annual interest rate of 7.9%, compounded annually. How many years would it be until Gabriella had dollar sign, 11, comma, 000$11,000 in the account, to the nearest tenth of a year? Use the following formula to determine your answer.
A, equals, d, left bracket, start fraction, left bracket, 1, plus, i, right bracket, to the power n , minus, 1, divided by, i, end fraction, right bracket
A=d(
i
(1+i)
n
−1
)
the answer is not 5.5, please give me the correct answer
1 answer
1 answer