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Sagot :
Compound interest can be defined as the compounded interest on a particular sum of money which can be a loan, savings, or an investment.
The money has been in the account for 7 years.
From the question, we can deduce that we are to solve for time "t".
In compound interest, the formula to solve for time "t" is given as:
t = ln(A/P) / r
where:
P = Principal = $250.00
R = Interest rate = 4.0%
A = Accumulated or final amount = $330.78
- Step 1: First, convert R as a percent to r as a decimal
r = R/100
r = 4/100
r = 0.04 per year
- Step 2: Solve the equation for t
t = ln(A/P) / r
t = ln(330.78/250.00) / 0.04
t = 7 years
Therefore, the money has been in the account for 7 years.
To learn more, visit the link below:
https://brainly.com/question/24923966
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