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
(1) Answers
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
Add answer
Sign in
Sign up