Mark deposited $40,000 in an account that earns compound interest. the annual interest rate is 6%, and the interest is compounded 6 times a year. the current balance in the account is $40,400. how long has the money been invested?

true

explanation:

the answer is:

the correct option:

b.

to solve the problem, we need to remember how to operate to simplify exponential expressions using the logarithms.

we are given the equation:

then, using placing logarith with base 7 on both sides of the equation, we have:

so, rounding the obtained result to two decimal places (nearest hundreth), we have:

hence, we have that the correct option:

b.

have a nice day!