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A person invests 4500 dollars in a bank. The bank pays 5.25% interest compounded monthly. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 6400 dollars?

Solution

Solution

Time : 6.72

Solution steps

Translate the problem into an equation:

6400 = 4500 (1 + \frac{0.0525}{12})^{12 t}

Solve for

t, 6400 = 4500 (1 + \frac{0.0525}{12})^{12 t} : t = 6.72

Time : 6.72

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