If you invest $100,000 in an account earning 8% interest compounded annually, how long will it take until the account holds $300,000?

(Round to the nearest 0.1 of a year.)

( answergoes here )

Compound interest formulas:

A=P(1+rn)ntA=P(1+r/n)^nt and A=Pe^rt

We have been given that you invest $100,000 in an account earning 8% interest compounded annually. We are asked to find the time it will take the amount to reach $300,000.

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

, where,

A = Final amount after t years,

P = Principal amount,

r = Annual interest rate in decimal form,

n = Number of times interest is compounded per year,

t = Time in years.  

Let us take natural log on both sides of equation.

Using natural log property , we will get:

Upon rounding to nearest tenth of year, we will get:

Therefore, it will take approximately 14.3 years until the account holds $300,000.

sure i'm up for it

step-by-step explanation: