Solve the problem.
-How long must $5700 be in a bank at 5% compounded annually to become $10,748.20? (Round to the nearest year.)
A) $14 \mathrm { yr }$
B) $12 \mathrm { yr }$
C) $13 \mathrm { yr }$
D) $15 \mathrm { yr }$

Question

Solve the problem.
-How long must $5700 be in a bank at 5% compounded annually to become $10,748.20? (Round to the nearest year.) 
A) $14 \mathrm { yr }$
B) $12 \mathrm { yr }$
C) $13 \mathrm { yr }$
D) $15 \mathrm { yr }$

Quizplus · Accepted Answer

Using the formula for compound interest, $ A = P(1 + r)^t $, where $ A = 10748.20 $, $ P = 5700 $, $ r = 0.05 $, and solving for $ t $, we get $ t \approx 13 $ years.

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