Matthew invested 5,300 in an account paying an interest rate of 2.1% compounded annually. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 6,020?

Solución

Matthew invested 5, 300 in an account paying an interest rate of 2.1% compounded annually. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 6, 020?

Solución

Time : 6.13

Pasos de solución

Translate the problem into an equation:

6020 = 5300 (1 + \frac{0.021}{1})^{1 \cdot t}

Resolver para

t, 6020 = 5300 (1 + \frac{0.021}{1})^{1 \cdot t} : t = 6.13

Time : 6.13

Ejemplos populares

The sum of three consecutive numbers is 39. Find the numbers.The diámetro of a circle is 10 cm. Find its area in terms of pipi.seventeen less than seven times a number is equal to 11 more than five times the number 7 less than the product of 2 and a number If a six sided die is rolled six times, what is the probability that the number1 was rolled exactaly once?