C. 16.4
Step-by-step explanation:
The formula to apply here is;
A=P(1+r/n) ^nt where
A=final amount
P=starting amount
r=rate of interest annually
n=number of compounding per year
t=time in years
Given ; P=$500, A=$750 , r=2.5%=0.025 , t=?,n=1
Substitute values;
A=P(1+r/n)^nt
$750=$500(1+0.025)^t
750=500(1.025)^t
750/500=(1.025)^t
1.5=(1.025)^t
log 1.5 =t log (1.025)
log 1.5/log 1.025 = t
16.4 =t
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Keywords : bank account, interest per year, value of account, years
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