Thomas want to save money for a vacation. thomas invest 1,200 in account that pays an interest rate of 4% how many years will it take for the account to reach 14,400. round to the nearest hundredth

63.36 years

Step-by-step explanation:

This is a compound interest problem and the following information has been provided;

Principal, P = 1200

Interest rate, r = 4%

Accumulated amount, A = 14400

We are required to determine the number of years for the principal to accumulate to the given amount. We use the compound interest formula;

We substitute the given values into the formula and solve for n;

The next step is to introduce natural logarithms;

answer: x=60