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Thong opened a compound interest account. He made an initial deposit of $1,078. The account pays him 3.7% annual interest and is compounded annually. If Thong doesn't make any other deposits into this account, how many years will it take for the balance in Thong's account to be $2,000?

Thong opened a compound interest account. He made an initial deposit of $1,078. The account pays him 3.7% annual interest and is compounded annually. If Thong doesn't make any other deposits into this account, how many years will it take for the balance in Thong's account to be $2,000?

College Algebra
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
ChapterP: Prerequisites
SectionP.3: Integer Exponents And Scientific Notation
Problem 55E
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7:17 4 Cut Copy Thong opened a compound interest account. He made an initial deposit of $1,078. The account pays him 3.7% annual interest and is compounded annually. If Thong doesn't make any other deposits into this account, how many years will it take for the balance in Thong's account to be $2,000? r B(t) = P-(1+-)”** n B Here is the Balance Function for a compound interest account. I U U A 123 Paste QWE € WER TYUIOP ASDF GHJKL ZX C = = CVBNM space X return !
Transcribed Image Text:7:17 4 Cut Copy Thong opened a compound interest account. He made an initial deposit of $1,078. The account pays him 3.7% annual interest and is compounded annually. If Thong doesn't make any other deposits into this account, how many years will it take for the balance in Thong's account to be $2,000? r B(t) = P-(1+-)”** n B Here is the Balance Function for a compound interest account. I U U A 123 Paste QWE € WER TYUIOP ASDF GHJKL ZX C = = CVBNM space X return !
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