Raina deposited 3000 into an account with a 10.2% annual interest rate, compounded monthly. Assuming that no withdrawals are made, how long will it take for the investment to grow to 4698 ?

Solución

Solución

Time : 4.42

Pasos de solución

Translate the problem into an equation:

4698 = 3000 (1 + \frac{0.102}{12})^{12 t}

Resolver para

t, 4698 = 3000 (1 + \frac{0.102}{12})^{12 t} : t = 4.42

Time : 4.42

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