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A person invests 4500 dollars in a bank. The bank pays 5.75% interest compounded semi-annually. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 10000 dollars?

Solution

Solution

Time : 14.09

Solution steps

Translate the problem into an equation:

10000 = 4500 (1 + \frac{0.0575}{2})^{2 t}

Solve for

t, 10000 = 4500 (1 + \frac{0.0575}{2})^{2 t} : t = 14.09

Time : 14.09

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