Mason invested 65,000 in an account paying an interest rate of 4.6% 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 142,200?

Solución

Mason invested 65, 000 in an account paying an interest rate of 4.6% 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 142, 200?

Solución

Time : 17.41

Pasos de solución

Translate the problem into an equation:

142200 = 65000 (1 + \frac{0.046}{1})^{1 \cdot t}

Resolver para

t, 142200 = 65000 (1 + \frac{0.046}{1})^{1 \cdot t} : t = 17.41

Time : 17.41

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