Camden invested 7,200 in an account paying an interest rate of 4.4% 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 13,140?

Solución

Camden invested 7, 200 in an account paying an interest rate of 4.4% 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 13, 140?

Solución

Time : 13.7

Pasos de solución

Translate the problem into an equation:

13140 = 7200 (1 + \frac{0.044}{12})^{12 t}

Resolver para

t, 13140 = 7200 (1 + \frac{0.044}{12})^{12 t} : t = 13.7

Time : 13.7

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