ambereve04 ambereve04

09-01-2018
Mathematics

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how long would it take to have $1335.60 in interest if principal is $5300 and interest rate is 7%

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09-01-2018

(5300 + 1335.6) = 5300(1 + 0.07)^n where n is the number of years required

6635.6 = 5300(1.07)^n
(1.07)^n = 1.252
n log 1.07 = log 1.252

n = log 1.252 / log 1.07 = 3.32 years Answer

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