Michelle's father deposited $1,000 into a savings account when she was born. The annual interest rate is 4.5%. Since opening the account, Michelle's father has never deposited or withdrawn money from it.

What age will Michelle be when her account reaches more than $2,000?

Michelle's age = 16

Step-by-step explanation:

As we know,

Amount = where

P = Principal amount

r = rate of interest

t = time

Given ,

P = $1000

r = 4.5 % =

Now,

Given that Amount reaches more than $2000

⇒  > 2000

⇒ > 2000

⇒ > 2

Now,

we put the value of t from 0 , 1, 2, ..... untill the above equation does not satisfy

Now,

for t = 0

for t = 1

for t = 2

for t = 3

for t = 4

for t = 5

for t = 6

for t = 7

for t = 8

for t = 9

for t = 10

for t = 11

for t = 12

for t = 13

for t = 14

for t = 15

for t = 16

It satisfies at t= 16

∴ we get

Michelle's age = 16