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Matthew invested $5,300 in an account paying an interest rate of 2.1% compounded annually. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach $6,020?

Respuesta :

Answer: it would be 6

Step-by-step explanation

Delta math

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Based on the information for the value of the account to reach $6,020? given it will take 6 years.

Value of account:

Let x represent the number of years

(2.1%×5,300)x+5,300=6,020

111.3x+5,300=6,020

Collect like terms

111.3x=6,020-5,300

111.3x=720

Divide both side by 111.3x

x=720/111.3

x=6 years

Inconclusion for the value of the account to reach $6,020? given it will take 6 years

Learn more about value of account here:https://brainly.com/question/24852229

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