Brooke earned 10,000.00 from a summer job and put it in a savings account that earns 15% interest compounded quarterly. When Brooke started college, she had 34,669.00 in the account which she used to pay for tuition. How long was the money in the account?

Solución

Brooke earned 10, 000.00 from a summer job and put it in a savings account that earns 15% interest compounded quarterly. When Brooke started college, she had 34, 669.00 in the account which she used to pay for tuition. How long was the money in the account?

Solución

Time : 1.72

Pasos de solución

Translate the problem into an equation:

44669 = 34669 (1 + \frac{0.15}{4})^{4 t}

Resolver para

t, 44669 = 34669 (1 + \frac{0.15}{4})^{4 t} : t = 1.72

Time : 1.72

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