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Populaire Word Problems >

7700 dollars is placed in an account with an annual interest rate of 8.25%. To the nearest tenth of a year, how long will it take for the account value to reach 44700 dollars?

Solution

7700 d o ll a rs i s pl a ce d in an a cco u n t w i t h an ann u a l in t eres t r a t e o f 8.25%. T o t h e n e a res t t e n t h o f a ye a r, h o w l o n g w i ll i t t ak e f or t h e a cco u n t v a l u e t o re a c h 44700 d o ll a rs ?

Solution

Time : 58.24

étapes des solutions

Translate the problem into an equation:

44700 = 7700 (1 + 0.0825 t)

Solutionner pour

t, 44700 = 7700 (1 + 0.0825 t) : t = 58.24

Time : 58.24

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