A person invests 10000 dollars in a bank. The bank pays 6.5% interest compounded annually. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 29500 dollars?

Solución

Solución

Time : 17.18

Pasos de solución

Translate the problem into an equation:

29500 = 10000 (1 + \frac{0.065}{1})^{1 \cdot t}

Resolver para

t, 29500 = 10000 (1 + \frac{0.065}{1})^{1 \cdot t} : t = 17.18

Time : 17.18

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