A person invests 5500 dollars in a bank. The bank pays 4.25% interest compounded annually. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 11200 dollars?

Solución

Solución

Time : 17.09

Pasos de solución

Translate the problem into an equation:

11200 = 5500 (1 + \frac{0.0425}{1})^{1 \cdot t}

Resolver para

t, 11200 = 5500 (1 + \frac{0.0425}{1})^{1 \cdot t} : t = 17.09

Time : 17.09

Ejemplos populares

A circle has an area of approximately 615 square millimeters. What is the diámetro Suppose 17, 000.00 is invested in an account for 15 years. Calculate the total interest earned at the end of 15 years if the interest is 5% compounded monthly Find the side of a square with a perimeter of 12 joey has 14 apples. jerry takes 4 away. how many does joey have Ishaan is 3 times as old as Christopher and is also 14 years older than Christopher.