Hailey invested 1,700 in an account paying an interest rate of 2.2% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 2,590?

Solución

Hailey invested 1, 700 in an account paying an interest rate of 2.2% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 2, 590?

Solución

Time : 19.16

Pasos de solución

Translate the problem into an equation:

2590 = 1700 (1 + \frac{0.022}{12})^{12 t}

Resolver para

t, 2590 = 1700 (1 + \frac{0.022}{12})^{12 t} : t = 19.16

Time : 19.16

Ejemplos populares

Enola is going to invest in an account paying an interest rate of 5.1% compounded continuously. How much would Enola need to invest, to the nearest cent, for the value of the account to reach 12,800 in 10 years?Levi is going to invest in an account paying an interest rate of 3.4% compounded continuously. How much would Levi need to invest, to the nearest ten dollars, for the value of the account to reach 620 in 16 years?one number is greater by 6 than twice another number but 3 times the smaller number exceeds the greater by 1. Find the numbers.What is the original price of an item that costs 137.50 after a 45% discount?Caleb invested 8,800 in an account paying an interest rate of 2.8% compounded daily. 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 13,060?