5100 dollars is placed in an account with an annual interest rate of 7%. To the nearest year, how long will it take for the account value to reach 24000 dollars

Solution

Solution

Time : 52.94

Solution steps

Translate the problem into an equation:

24000 = 5100 (1 + 0.07 t)

Solve for

t, 24000 = 5100 (1 + 0.07 t) : t = 52.94

Time : 52.94

Popular Examples

Aaliyah opened a savings account and deposited 500.00. The account earns 2% interest, compounded quarterly. If she wants to use the money to buy a new bicycle in 3 years, how much will she be able to spend on the bike?The radius of a circle is 4m Find its circumference in terms of pi The radius of a circle is 6 m. Find its area in terms of pipi The perimeter of a rectangular piece of plastic is 34 millimeters. The piece of plastic is 10 millimeters wide. How tall is it?Khloe invested 160 in an account paying an interest rate of 5.7% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 17 years?