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4400 dollars is placed in an account with an annual interest rate of 7%. To the nearest year, how long will it take for the account value to reach 10100 dollars?

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Answer:

Step-by-step explanation:

[tex]$ You did not state whether this is simple or compound interest.$ \\ \\ $Simple$ \\ \\ A=Prt\\ \\ t= \frac{A}{Pr}\\ \\ t= \frac{10100}{4400(.07)}\approx 33 \\ \\ $ Compound $ \\ \\ A=P(1+r)^t\\ \\ t=ln\frac{A}{P}/ln(1+r)\\ \\ t=ln\frac{10100}{4400}/ln(1.07)\\ \\ t\approx 12[/tex]

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