When Colby was born, his parents invested $1,000 in a fund that paid an annual interest of 8%. How old will Colby be when the investment is worth

at least $4,000?

The age of Colby will be years.

The amount after t years is given by,

Where P is principal, r is rate and t is time in years.

Given that,

Substitute values in above equations.

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Given :

When Colby was born, his parents invested $1,000 in a fund that paid an

annual interest of 8%.

To Find :

How old will Colby be when the investment is worth  at least $4,000 .

Solution :

Let, time taken is x years.

So, the formula is :

Therefore, Colby will be 37.5 years old.

step-by-step explanation:

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