Mathematics
talaijasmith12
15

Jacques deposited $1,900 into an account that earns 4% interest compounded semiannually. After t years, Jacques has $3,875.79 in the account. Assuming he made no additional deposits or withdrawals, how long was the money in the account? 2 years 9 years 18 years 36 years

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(1) Answers
tony3

3875.79=1900(1+0.04/2)^2t Solve for t t=(log(3,875.79÷1,900)÷log(1+0.04÷2))÷2 t=18 years

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