Respuesta :
Answer:
After 9 years the account will be worth 13709.60$
Step-by-step explanation:
We are given the following in the question:
We are given the following in the question:
P = $8000
r = 6% = 0.046
n = 12
The compound interest is given by:
[tex]A = p\bigg(1+\dfrac{r}{n}\bigg)^{nt}[/tex]
where A is the amount, p is the principal, r is the interest rate, t is the time in years.
Putting the values, we get,
[tex]13709.60 = 8000\bigg(1+\dfrac{0.06}{12}\bigg)^{12t}\\\\\dfrac{13709.60}{8000} = \bigg(1+\dfrac{0.06}{12}\bigg)^{12t}\\\\\Rightarrow 1.7137 = (1.005)^{12t}\\\Rightarrow t \approx 9[/tex]
Thus, after 9 years the account will be worth 13709.60$
Answer: It will take 9 years to get the account worth $13709.60
Step-by-step explanation:
Since we have given that
Sum = $8000
Rate of interest = 6%
Amount = $13709.60
According to question, we get that
[tex]A=P(1+\dfrac{r}{n})^{nt}\\\\13709.60=8000(1+\dfrac{0.06}{12})^{12t}\\\\\dfrac{13709.60}{8000}=(1+\dfrac{0.06}{12})^{12t}\\\\1.7137=(1+0.005)^{12t}\\\\1.7137=1.005^{12t}\\\\t=9\ yrs[/tex]
Hence, it will take 9 years to get the account worth $13709.60
