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Popular Word Problems >

Imani invests 8,268 in a retirement account with a fixed annual interest rate of 8% compounded 3 times per year. How long will it take for the account balance to reach 40,102.20?

Solução

I mani in v es t s 8, 268 in a re t i re m e n t a cco u n t w i t h a f i x e d ann u a l in t eres t r a t e o f 8% co m p o u n d e d 3 t im es p er ye a r . Ho w l o n g w i ll i t t ak e f or t h e a cco u n t ba l an ce t o re a c h 40, 102.20 ?

Solução

Time : 20.52

Passos da solução

Translate the problem into an equation:

40102.2 = 8268 (1 + \frac{0.08}{1})^{1 \cdot t}

Resolver para

t, 40102.2 = 8268 (1 + \frac{0.08}{1})^{1 \cdot t} : t = 20.52

Time : 20.52

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