2*1000*(1+0.04)^t = 1000*(1+0.07)^t
2*1.04^t = 1.07^t
2=(1.07/1.04)^t
1.0288^t = 2
t = log(2) / log(1.0288) = 24.4
So it takes more than 24 years. the interest is compounded every year, so need powered by t.
Reem A.
asked 03/26/21Evan has $1,000 in a bank account that will earn 4% interest each year. Kinney has $1,000 in an account that will earn 7% each year. After how many years will Kinney have made twice as much interest as Evan?
2*1000*(1+0.04)^t = 1000*(1+0.07)^t
2*1.04^t = 1.07^t
2=(1.07/1.04)^t
1.0288^t = 2
t = log(2) / log(1.0288) = 24.4
So it takes more than 24 years. the interest is compounded every year, so need powered by t.
Mark M. answered 03/26/21
Mathematics Teacher - NCLB Highly Qualified
1000(1 + 0.07)t = 2[1000(1 + 0.04)t]
Can yo solve for t and answer?
Get a free answer to a quick problem.
Most questions answered within 4 hours.
Choose an expert and meet online. No packages or subscriptions, pay only for the time you need.
Reem A.
I got 203/27/21