It will take 4 year for the account to reach $5,500.
How to find the amount?
The formula we use to calculate the amount is
A = P(1+r)¹
Where, P= amount of money invested
r = interest rate percentage in decimal form
t = time in years
A = total money in the account at time
Tina wants to save money for school.
Tina invests $400 in an account that pays an interest rate of 8%.
A = P(1+r)¹
5500 = 400(( 1 + 0.08)^t
5500/ 400 = ( 1 + 0.08)^t
55/ 4 = (1.08)^t
13.75 = (1.08)^t
t = 4
It will take 4 year for the account to reach $5,500.
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