A person invests 5000 dollars in a bank. The bank pays 6.25% interest compounded quarterly. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 6500 dollars?

Solución

Solución

Time : 4.23

Pasos de solución

Translate the problem into an equation:

6500 = 5000 (1 + \frac{0.0625}{4})^{4 t}

Resolver para

t, 6500 = 5000 (1 + \frac{0.0625}{4})^{4 t} : t = 4.23

Time : 4.23

Ejemplos populares

Three subtracted from the product of 9 and a number is less than 21 The product of two consecutive integers is 47 more than the next consecutive integer. Find the two integers.The radius of a circle is 5 m. Find its circunferencia in terms of pipi.The diameter of a circle is 58 inches. What is the circle's circunferencia?9 less then twice a number