Question

Juan's parents put $ 10,000 into a college education savings account at the rate of 6% compounded annually. The chart below shows the value of the original investment at the end of years 1 and 2. If no further deposits or withdrawals are made, what will the value of the original investment be at the end of year 4? Round your answer to the nearest dollar.

Answer 1

$\begin{gathered} I\text{ will be solving the question in the image attached below.} \\ p\text{ = \ 300, r = 0.06\%, A = Thr}ee\text{ times, 3 }\times300\text{ = \ 900} \\ A\text{ = P}e^{rt} \\ 900\text{ = 300 }\times e^{0.06t} \\ \frac{900}{300}\text{ = }e^{0.06t} \\ 3\text{ = }e^{0.06t} \\ \text{Taking Log of boths sides.} \\ \ln 3\text{ = }\ln e^{0.06t} \\ 1.098\text{ = 0.06t} \\ t\text{ = }\frac{1.098}{0.06}\text{ = 18.31years} \end{gathered}$