Question

Asked Dec 12, 2019

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A person invests 6500 dollars in a bank. The bank pays 4.75% interest compounded annually. To the *nearest tenth of a year*, how long must the person leave the money in the bank until it reaches 11700 dollars?

Step 1

First of all, consider the formula to calculate compound interest and the terms related to it.

**A = the Final Investment Amount in $ **

**P = the Principal amount of money invested in $ **

**r = the rate of interest**

**t = Time in years **

**n = the number of times interest is compounded per year**

As per the given value in the question, get the values of all the terms in the equation.

Step 2

Now, put the values in the above form...

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