opal deposited 2925.90$ into a savings account with an interest rate of 3.9% compounded twice a year. about how long will it take for the account to be worth 6000$
Accepted Solution
A:
Use the compound amount formula:
A = P (1 + r/n)^( r/n )
Here,
A $6000 = $2925.90 ( 1 + 0.039/2 )^(2t). We must solve for t.