Question

A principal of $4300 is invested at 8.25% interest, compounded annually. How many years will it take to accumulate $10,000 or more in the account? (Use the calculator provided if necessary.) Write the smallest possible whole number answer. years

          A principal of $4300 is invested at 8.25% interest, compounded annually. How many years will it take to accumulate $10,000 or more in the account? (Use the calculator provided if necessary.)
Write the smallest possible whole number answer.
years

A principal of 4300 is invested at 8.25% interest, compounded annually. How many years will it take to accumulate $10,000 or more in the account? (Use the calculator provided if necessary.)
Write the smallest possible whole number answer.
years

Added by Ricardo R.

Elementary and Intermediate Algebra

Alan S. Tussy, R. David Gustafson 5th Edition

Instant Answer

Solved by Expert Supreeta N

05/14/2023

Step 1

0825$ for $8.25\%$) - $n$ is the number of times interest is compounded per year (in this case, $1$ since it's compounded annually) - $t$ is the number of years We want to find the smallest whole number of years ($t$) such that $A \geq 10000$. So, we can set up Show more…

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A principal of $4300 is invested at 8.25% interest, compounded annually. How many years will it take to accumulate $10,000 or more in the account? (Use the calculator provided if necessary.) Write the smallest possible whole number answer. years