The time it will take the pereson to leave their money in the bank until it reaches $20,100 is 3 years
Given the exponential equation expressed as:
[tex]A=6500(1.0175)^{4t}\\[/tex]
Given that A = 20100, Substituting into the expression will give;'
20100 = 6500(1.0175)^4t
20100/6500 = (1.0175)^4t
3.0923 = (1.0175)^4t
Taking the ln of both sides
ln3.0923 = 4tln(1.1075)
4t = ln3.0923 /ln(1.1075)
4t = 1.12891/0.1021
4t = 11.05690
t = 11.05690/4
t = 2.76
t ≈ 3 years
Hence the time it will take the pereson to leave their money in the bank until it reaches $20,100 is 3 years
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