Jaxon invested 960 in an account paying an interest rate of 6.1% 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 1,720?

Solución

Jaxon invested 960 in an account paying an interest rate of 6.1% 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 1, 720?

Solución

Time : 9.58

Pasos de solución

Translate the problem into an equation:

1720 = 960 (1 + \frac{0.061}{12})^{12 t}

Resolver para

t, 1720 = 960 (1 + \frac{0.061}{12})^{12 t} : t = 9.58

Time : 9.58

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