Sarah invested 53,000 in an account paying an interest rate of 4.5% 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 77,700?

Solución

Sarah invested 53, 000 in an account paying an interest rate of 4.5% 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 77, 700?

Solución

Time : 8.5

Pasos de solución

Translate the problem into an equation:

77700 = 53000 (1 + \frac{0.045}{365})^{365 t}

Resolver para

t, 77700 = 53000 (1 + \frac{0.045}{365})^{365 t} : t = 8.5

Time : 8.5

Ejemplos populares

Sound travels through the air at 330 m/s and light travels at 300000km/s. calculate how far away a lightning flash occurred if the sound was hear 6.4 seconds after the lightning was seen.If 15 is subtracted from two times a certain number, the result is five times the number. Find the number.You deposit 10000 in an account earning 7% interest compounded monthly. How much will you have in the account in 1 years?Fatoumata is going to invest in an account paying an interest rate of 3.9% compounded monthly. How much would Fatoumata need to invest, to the nearest dollar, for the value of the account to reach 7,400 in 8 years?you are charged with 6% sales tax.You purchase a new bicycle and pay \$27 in sales tax.What is the purchase price of the bicycle?