Curtis wants to save money for a trip overseas. Curtis invests $900 in an account that pays an interest rate of 8.75%. How many years will it take for the account to reach $11,700? Round your answer to the nearest hundredth.
Hi there The formula is A=p (1+r)^t A future value 11700 P present value 900 R interest rate 0.0875 T time? We need to solve for t T=log (A/p)÷log (1+r) So T=log(11,700÷900)÷log(1+0.0875) T=30.6years round your answer to get T=31 years
