Dominic invested 93,000 in an account paying an interest rate of 6.8% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 202,800?

Solución

Dominic invested 93, 000 in an account paying an interest rate of 6.8% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 202, 800?

Solución

Time : 11.5

Pasos de solución

Translate the problem into an equation:

202800 = 93000 (1 + \frac{0.068}{12})^{12 t}

Resolver para

t, 202800 = 93000 (1 + \frac{0.068}{12})^{12 t} : t = 11.5

Time : 11.5

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