A person invests 5500 dollars in a bank. The bank pays 6.75% interest compound monthly. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 13200 dollars?

We have been given that a person invests 5500 dollars in a bank. The bank pays 6.75% interest compound monthly. We are asked to find the time that will take the amount to 13,200 dollars.

We will use compound interest formula to solve our given problem.  

, where,

A = Final amount,

P = Principal amount,

r = Annual interest rate in decimal form,

n = Number of times interest is compounded per year,

t = Time in years.

Upon substituting our given values in above formula, we will get:

Now we will take natural log on both sides.

Using natural log property , we will get:

Upon rounding to nearest tenth, we will get:

Therefore, it will take approximately 13.0 years for the amount to reach $13200.

correct choice is b

step-by-step explanation:

when you calculate the average rate of change of a function, you are finding the slope of the secant line between the two points. for the function the average rate of change from point to point can be calculated as

to find the average rate of change from day 2 to day 10, note that at day 2, 8 houses were sold, so a(2,8) and at day 10, 2 houses were sold, so b(10,2). thus,

i think its a and d

step-by-step explanation: