A person invests 3500 dollars in a bank. The bank pays 6.75% interest compounded quarterly. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 8500 dollars?

Solución

Solución

Time : 13.26

Pasos de solución

Translate the problem into an equation:

8500 = 3500 (1 + \frac{0.0675}{4})^{4 t}

Resolver para

t, 8500 = 3500 (1 + \frac{0.0675}{4})^{4 t} : t = 13.26

Time : 13.26

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