Joseph invested 6,700 in an account paying an interest rate of 5.2% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 13,950?

Solución

Joseph invested 6, 700 in an account paying an interest rate of 5.2% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 13, 950?

Solución

Time : 14.19

Pasos de solución

Translate the problem into an equation:

13950 = 6700 (1 + \frac{0.052}{4})^{4 t}

Resolver para

t, 13950 = 6700 (1 + \frac{0.052}{4})^{4 t} : t = 14.19

Time : 14.19

Ejemplos populares

Six more than seven times a number is forty-eight.Medow purchased a machine for 95,000 after a discount of 25%. What is the original price of the machine The diámetro of a circle is 10 m. Find its area to the nearest tenth.The sum of 4 consecutive integers is 42. What is the value of the least integer?Four times a number is equal to the number increased by 27 . Find the number.