3500 dollars is placed in an account with an annual interest rate of 8.75%. To the nearest tenth of a year, how long will it take for the account value to reach 36700 dollars?

Solution

Solution

Time : 108.41

Solution steps

Translate the problem into an equation:

36700 = 3500 (1 + 0.0875 t)

Solve for

t, 36700 = 3500 (1 + 0.0875 t) : t = 108.41

Time : 108.41

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