7800 dollars is placed in an account with an annual interest rate of 5%. To the nearest tenth of a year, how long will it take for the account value to reach 13200 dollars?

Solution

Solution

Time : 13.85

Solution steps

Translate the problem into an equation:

13200 = 7800 (1 + 0.05 t)

Solve for

t, 13200 = 7800 (1 + 0.05 t) : t = 13.85

Time : 13.85

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