Bebeto put 1,000 $i n a s a v i n g s a c c o u n t t h a t e a r n s$ 2\% $c o m p o u n d i n t e r e s t e a c h y e a r . F i n d t h e n u m b e r o f y e a r s a f t e r w h i c h h e w o u l d e a r n a p p r o x i m a t e l y$ $126$ .

5

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Solution

The correct option is B $6$
Let the number of years be $n$
So, the total amount after $n$ years is $1000 + 126 = 1126$ dollars
We get $1126 = 1000 {(1 + \frac{2}{100})}^{n}$
$∴ {(1.02)}^{n} = 1.126$
$∴ n = {log}_{1.02} 1.126 = 6$

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