A person invests 7000 dollars in a bank. The bank pays 7% interest compounded quarterly. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 12400 dollars?

Solución

Solución

Time : 8.24

Pasos de solución

Translate the problem into an equation:

12400 = 7000 (1 + \frac{0.07}{4})^{4 t}

Resolver para

t, 12400 = 7000 (1 + \frac{0.07}{4})^{4 t} : t = 8.24

Time : 8.24

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