Anna invested 28,000 in an account paying an interest rate of 6.5% compounded daily. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 39,500?

Solución

Anna invested 28, 000 in an account paying an interest rate of 6.5% compounded daily. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 39, 500?

Solución

Time : 5.29

Pasos de solución

Translate the problem into an equation:

39500 = 28000 (1 + \frac{0.065}{365})^{365 t}

Resolver para

t, 39500 = 28000 (1 + \frac{0.065}{365})^{365 t} : t = 5.29

Time : 5.29

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