A person invests 9000 dollars in a bank. The bank pays 4.25% interest compounded daily. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 19600?

It will take approximately 18.4years for the person to make 19600

The formula for calculating the compound amount is expressed as:

where:

A is the amount

P is the amount invested

n is the compounding amount

t is the time taken

Given the following parameters

A =  19600

P = 9000

r = 4.25% = 0.0425

n = 365 (compounded daily)

Substitute the given parameters into the formula to get the time "t"

Hence it will take approximately 18.4years for the person to make 19600

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The person must invest the money in the bank for 18 years to reach $19600, if a person invests 9000 dollars in a bank and the bank pays 4.25% interest compounded daily.

Step-by-step explanation:

The given is,

                       A person invests 9000 dollars in a bank      

                      The bank pays 4.25% interest compounded daily

                      Future amount $19600

Step:1

                     Formula to calculate the future investment with compounded daily,

                                                  ................................(1)

                   Where, A - Future amount

                                P - Initial investment

                                r - Interested rate

                                n - No.of times for a year

                                t - No.of years

Step:2

              From the given values,

                      A = $ 19600

                      P = $ 9000

                       r = 4.25 %

                      n = 365  ( ∵ Compounded daily )

           Equation (1) becomes,

            ( Take log on both sides )

           Substitute the log values,

                                                 = 18.314

                                                 ≅ 18 years

                          No.of years, t = 18 years

Result:

              The person must invest the money in the bank for 18 years to reach $19600, if a person invests 9000 dollars in a bank and the bank pays 4.25% interest compounded daily.

pi x^2

step-by-step explanation:

pi times x squared

think the answer would beb