Nolan invested 5,300 in an account paying an interest rate of 3.8% compounded annually. 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 6,880?

Solución

Nolan invested 5, 300 in an account paying an interest rate of 3.8% compounded annually. 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 6, 880?

Solución

Time : 7

Pasos de solución

Translate the problem into an equation:

6880 = 5300 (1 + \frac{0.038}{1})^{1 \cdot t}

Resolver para

t, 6880 = 5300 (1 + \frac{0.038}{1})^{1 \cdot t} : t = 7

Time : 7

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