A person invests 6000 dollars in a bank. The bank pays 6.25% interest compounded monthly. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 8800 dollars?

Solución

Solución

Time : 6.14

Pasos de solución

Translate the problem into an equation:

8800 = 6000 (1 + \frac{0.0625}{12})^{12 t}

Resolver para

t, 8800 = 6000 (1 + \frac{0.0625}{12})^{12 t} : t = 6.14

Time : 6.14

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