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Madeline invested 2, 800 in an account paying an interest rate of 4.4% compounded annually. 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 6100

Solution

Solution

Time : 18.08

Solution steps

Translate the problem into an equation:

6100 = 2800 (1 + \frac{0.044}{1})^{1 \cdot t}

Solve for

t, 6100 = 2800 (1 + \frac{0.044}{1})^{1 \cdot t} : t = 18.08

Time : 18.08

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