Question

(b) How many years does it take the balance to first exceed \( \$ 1,700 \) ? Solve with a graph or table and report your answer accurate to the nearest 0.1 years. \( t \approx \) Number years (Round to the nearest 0.1 year.)

Ask by Chandler Bartlett. in the United States
Mar 18,2025

Upstudy AI Solution

Tutor-Verified Answer

Answer

It takes approximately 10.2 years for the balance to first exceed \$1,700.

Solution

Sign in to Unlock Answers for Free!

A Learning Platform Trusted by Millions of Real Students and Teachers.

star-icon Unlock

Answered by UpStudy AI and reviewed by a Professional Tutor

The Deep Dive

To find out how many years it takes for the balance to first exceed $1,700, you can create a table or a graph that shows the balance over time based on your interest rate. Start with your initial balance and apply the interest calculation for each year until you exceed $1,700. For instance, if you start with $1,000 and have a compound interest rate of 5%, simply calculate the balance for the following years: 1 year would be $1,050, 2 years would be $1,102.50, and so on. Continue until you reach beyond $1,700, and then round your final answer. Additionally, you could use software or graphing calculators to visualize this growth. Plotting the balance against the number of years gives a clear glimpse of how quickly your investment grows. Find the point where your graph first crosses the $1,700 threshold. Analyzing such graphs can also be incredibly insightful for understanding investment trajectories and making informed financial decisions down the line!

Related Questions

Latest Pre Calculus Questions

Try Premium now!
Try Premium and ask Thoth AI unlimited math questions now!
Maybe later Go Premium
Study can be a real struggle
Why not UpStudy it?
Select your plan below
Premium

You can enjoy

Start now
  • Step-by-step explanations
  • 24/7 expert live tutors
  • Unlimited number of questions
  • No interruptions
  • Full access to Answer and Solution
  • Full Access to PDF Chat, UpStudy Chat, Browsing Chat
Basic

Totally free but limited

  • Limited Solution
Welcome to UpStudy!
Please sign in to continue the Thoth AI Chat journey
Continue with Email
Or continue with
By clicking “Sign in”, you agree to our Terms of Use & Privacy Policy