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Popular Word Problems >

5500 dollars is placed in an account with an annual interest rate of 5.25%. To the nearest year, how long will it take for the account value to reach 11100 dollars?

Solução

5500 d o ll a rs i s pl a ce d in an a cco u n t w i t h an ann u a l in t eres t r a t e o f 5.25%. T o t h e n e a res t ye a r, h o w l o n g w i ll i t t ak e f or t h e a cco u n t v a l u e t o re a c h 11100 d o ll a rs ?

Solução

Time : 19.39

Passos da solução

Translate the problem into an equation:

11100 = 5500 (1 + 0.0525 t)

Resolver para

t, 11100 = 5500 (1 + 0.0525 t) : t = 19.39

Time : 19.39

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