Concept explainers
For Exercises
Suppose you deposit $500 into an account earning
F. between 6 and 7 years
H. between 8 and 9 years
G. between 7 and 8 years
I. between 9 and 10 years
To calculate: Suppose you deposited $500 into an account earning 7.8% interest compounded annually. How long will it take for the account to be worth $1000?
F. between 6 and 7years
H. between 8 and 9years
G. between 7 and 8 years
I. between 9 and 10 years
Answer to Problem 2STP
option I is correct
Explanation of Solution
Given information: principal = $500, interest rate = 7.8% and Final Amount = $1000
Calculation: money is Compounded annually, so we use the formula
P = Principal amount
so,
Taking log both sides, we get
from logarithmic table we know that
here
Conclusion: option I is correct.
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