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Popolare Word Problems >

Damian invested 880 in an account paying an interest rate of 5.2% 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 1,290?

Soluzione

D amian in v es t e d 880 in an a cco u n t p a y in g an in t eres t r a t e o f 5.2% co m p o u n d e d ann u a ll y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w l o n g w o u l d i t t ak e, t o t h e n e a res t t e n t h o f a ye a r, f or t h e v a l u e o f t h e a cco u n t t o re a c h 1, 290 ?

Soluzione

Time : 7.54

Fasi della soluzione

Translate the problem into an equation:

1290 = 880 (1 + \frac{0.052}{1})^{1 \cdot t}

Risolvi per

t, 1290 = 880 (1 + \frac{0.052}{1})^{1 \cdot t} : t = 7.54

Time : 7.54

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