A savings account is started with an initial deposit of $700. The account earns 1.5% interest compounded annually.
(b) Find the amount of time it takes for the account balance to reach $1,200. Show your work.
Please show work

it will take 36 years for the account balance to reach $1,200.

Step-by-step explanation:

We would apply the formula for determining compound interest which is expressed as

A = P(1+r/n)^nt

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited

From the information given,

P = 70

A = 1200

r = 1.5% = 1.5/100 = 0.015

n = 1 because it was compounded once in a year.

Therefore,.

1200 = 700(1 + 0.015/1)^1 × t

1200/700 = (1.015)^t

1.714 = 1.015^t

Taking log of both sides,

Log 1.714 = log 1.015^t

0.234 = tlog 1.015 = t × 0.0065

t = 0.234/0.0065

t = 36 years

answdf

step-by-step explanation: bcuz d is right

step-by-step explanation:

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