Alexandra invested 20,000 in an account paying an interest rate of 6.2% compounded annually. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 27,200?

Solución

Alexandra invested 20, 000 in an account paying an interest rate of 6.2% compounded annually. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 27, 200?

Solución

Time : 5.11

Pasos de solución

Translate the problem into an equation:

27200 = 20000 (1 + \frac{0.062}{1})^{1 \cdot t}

Resolver para

t, 27200 = 20000 (1 + \frac{0.062}{1})^{1 \cdot t} : t = 5.11

Time : 5.11

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