Rajeev has $175 that he earned from his summer job. He puts the money in an account that yields 4% interest compounded annually. Assume that Rajeev does not make any other deposits or withdrawals from his account. After how many years from the time he deposited the money will Rajeev have at least $200 in his account?
Rajeev has $175 that he earned from his summer job. He puts the money in an account that yields 4% interest compounded annually. Assume that Rajeev does not make any other deposits or withdrawals from his account. After how many years from the time he deposited the money will Rajeev have at least $200 in his account?
Intermediate Algebra
10th Edition
ISBN:9781285195728
Author:Jerome E. Kaufmann, Karen L. Schwitters
Publisher:Jerome E. Kaufmann, Karen L. Schwitters
Chapter11: Exponential And Logarithmic Functions
Section11.2: Applications Of Exponential Functions
Problem 27PS
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- Rajeev has $175 that he earned from his summer job. He puts the money in an account that yields 4% interest compounded annually. Assume that Rajeev does not make any other deposits or withdrawals from his account. After how many years from the time he deposited the money will Rajeev have at least $200 in his account?
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