AIR MATH

Math Question

4. When an amount of money \( P \) is invested in an account that pays interest at rate \( r \), compounded annually, the accumulated amount in the account after \( t \) years is given by the function \( A(t)=P(1+r)^{t} \). If \( \$ 5,000 \) is invested in an account paying \( 8 \% \) interest compounded annually, how many years will it take for the account to be worth \( \$ 100,000 \) ?

Solution

solution

AIR MATH homework app,
absolutely FOR FREE!

  • AI solution in just 3 seconds!
  • Free live tutor Q&As, 24/7
  • Word problems are also welcome!
appstoreplaystore

Scan the QR code below
to download AIR MATH!

qrcode