Concept explainers
To calculate:Time taken for Santos’s investment to reach $2500.
Answer to Problem 31HP
It will take 9.21 years for Santos’s investment to reach $2500.
Explanation of Solution
Given information:Santos invested $1200 into an account with an interest rate of 8% compounded monthly.
Formula used:
Compound interest formula for compounded monthly is given by,
where,
Calculation:
Here,
Then, time taken for the amount to reach $2500,
Taking log on both sides,
Rounding to nearest hundredths,
Thus, it will take 9.21 years for Santos’s investment to reach $2500.
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