Aprincipal of $4200 is invested at 3.5% interest, compounded annually. how many years will it take to accumulate $7000 or more in the account?

15 years.

Step-by-step explanation:

We have been given that a principal of $4200 is invested at 3.5% interest, compounded annually. We are asked to find the time it will take for the amount to be $7000 or more.

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.

Substitute given values in above formula.

Take natural log on both sides:

Therefore, it will take 15 years to accumulate $7000 or more in the account.

practice. practice. practice.

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