A person invests 8500 dollars in a bank. The bank pays 4.25% interest compounded daily. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 12100 dollars?

Solución

Solución

Time : 8.31

Pasos de solución

Translate the problem into an equation:

12100 = 8500 (1 + \frac{0.0425}{365})^{365 t}

Resolver para

t, 12100 = 8500 (1 + \frac{0.0425}{365})^{365 t} : t = 8.31

Time : 8.31

Ejemplos populares

Amelia opened a savings account and deposited 500.00 as principal. The account earns 12% interest, compounded annually. What is the balance after 4 years?Two numbers have a sum of 13 and a difference of 5:What are these two numbers?This year the number of dog grooming appointments at the local pet store was 725. Each year the number of appointments increases by 3%.The radius of a circle is 3.8 m. Find the circunferencia to the nearest tenth The sum of the reciprocals of 2 consecutive integers is 23/132 . Find the numbers