Luther deposited 300.00 into a new savings account that earns 8% interest compounded monthly. How long will it take for the balance to grow to 359.00?Round your answer to the nearest month.

Solución

Solución

Time : 2.25

Pasos de solución

Translate the problem into an equation:

359 = 300 (1 + \frac{0.08}{12})^{12 t}

Resolver para

t, 359 = 300 (1 + \frac{0.08}{12})^{12 t} : t = 2.25

Time : 2.25

Ejemplos populares

Bella is saving up money to buy a car. Bella puts 6,000.00 into an account which earns 8% interest, compounded quarterly. How much will she have in the account after 8 years?Omar has 8,815 in an account that earns 10% interest compounded annually.To the nearest cent, how much will he have in 1 year?Chloe invests 6,313 in a savings account with a fixed annual interest rate of 2%compounded continuously. What will the account balance be after 9 years?If four is added to six times a number, the result is twenty-nine more than the number.What is the área of square that has perimeter of 16?