To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 14100 dollars is: 11.6.
Time
Using this formula
A=P(1+r/n)^nt
Let plug in the formula
14,100=8000(1+0.05)^t
(1+0.05)^t=14,100/8000
(1+0.05)^t=1.7625
1.05^t=1.7625
t=log(1.7625)/log(21/20)
t=0.246/0.021189
t=11.6
Therefore how long must the person leave the money in the bank until it reaches 14100 dollars is: 11.6.
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