Riley invested 8,500 in an account paying an interest rate of 3.8% compounded daily. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 18,040?

Solución

Riley invested 8, 500 in an account paying an interest rate of 3.8% compounded daily. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 18, 040?

Solución

Time : 19.8

Pasos de solución

Translate the problem into an equation:

18040 = 8500 (1 + \frac{0.038}{365})^{365 t}

Resolver para

t, 18040 = 8500 (1 + \frac{0.038}{365})^{365 t} : t = 19.8

Time : 19.8

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