After 50 years, she gets the amount $5000 in her bank account.
According to the statement
we have given that the Lina placed $1000 in a bank account with an annual compound interest rate of 8%.
And we have to find that the How long will it take until she has $5000 in the account.
So, For this purpose, we know that the
The interest rate is the amount a lender charges a borrower and is a percentage of the principal—the amount loaned.
The principal amount = 1000
And 8% of P.A. = 8/100*1000
8% of P.A. = 80.
So, According to this after 1 year the amount become
1080.
it means the equation become after t years.
Amount(t) = 1000 + 80t
And the amount is 5000 which is given then
5000 = 1000 + 80t
4000 = 80t
t = 50.
So, After 50 years, she gets the amount $5000 in her bank account.
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