A person invests 7500 dollars in a bank. The bank pays 6.75% interest compounded annually. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 15200 dollars?

Soluzione

A p erso n in v es t s 7500 d o ll a rs in a bank . T h e bank p a ys 6.75% in t eres t co m p o u n d e d ann u a ll y . T o t h e n e a res t t e n t h o f a ye a r, h o w l o n g m u s t t h e p erso n l e a v e t h e m o n ey in t h e bank u n t i l i t re a c h es 15200 d o ll a rs ?

Time : 10.81

Fasi della soluzione

Translate the problem into an equation:

15200 = 7500 (1 + \frac{0.0675}{1})^{1 \cdot t}

Risolvi per

t, 15200 = 7500 (1 + \frac{0.0675}{1})^{1 \cdot t} : t = 10.81

Time : 10.81