A person invests 10000 dollars in a bank. The bank pays 4.5% interest compounded
annually. To the nearest tenth of a year, how long must the person leave the money
in the bank until it reaches 13500 dollars?

The person would have to leave the money in the bank for 7.8 years for it to reach 13,500 dollars.

Step-by-step explanation:

Step 1; First we must calculate how much interest is generated for a single year. The annual interest rate is 4.5% i.e. 4.5% of 10,000 dollars which equals 0.045 × 10,000 = 450 dollars a year. As the years pass, more and more will be put into the account due to interest.

Step 2; For there to be 13,500 dollars in the bank account we need to calculate how much money is added due to interest.

The money needed to be added through interest = 13,500 - 10,000 = 3,500 dollars.

So we need to determine how long it will take for the bank to add 3,500 dollars by adding 450 dollars a year.

The number of years to reach 13,500 dollars = = 7.777 years. By rounding this value to the nearest tenth, we get 7.8 years.

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step-by-step explanation: