Adrian invested 7,200 in an account paying an interest rate of 3.1% 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 12,110?

Solución

Adrian invested 7, 200 in an account paying an interest rate of 3.1% 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 12, 110?

Solución

Time : 16.79

Pasos de solución

Translate the problem into an equation:

12110 = 7200 (1 + \frac{0.031}{12})^{12 t}

Resolver para

t, 12110 = 7200 (1 + \frac{0.031}{12})^{12 t} : t = 16.79

Time : 16.79

Ejemplos populares

One less than the product of 12 and a number Dakota is 67. Jim is 66 years older than Tommy and 27 years older than Zeke. Tommy is 64 years younger than Dakota. How old is Jim?This week, Brendan ended up needing 9 gallons of gas. That is 10% less than he needed last week. How much gas did Brendan need last week?What is the result when the number 20 is decreased by 10%If a fair die is rolled 6 times, what is the probability, to the nearest thousandth, of getting exactaly 1 four?