Keisha deposited 5000 into an account with a 9% annual interest rate, compounded monthly. Assuming that no withdrawals are made, how long will it take for the investment to grow to 7770?

Solution

Solution

Time : 4.92

Solution steps

Translate the problem into an equation:

7770 = 5000 (1 + \frac{0.09}{12})^{12 t}

Solve for

t, 7770 = 5000 (1 + \frac{0.09}{12})^{12 t} : t = 4.92

Time : 4.92

Popular Examples

Calculate the perimeter of a square room with an area of 81m^2 The circumference of a circle is 3𝜋 kilometers. What is the radius?Eight more than the quotient of a number and-5 less than or equal to 6 one fifth of a number is at most 30 the sale price of a bed is Nu. 1200. This is a savings of 20 percent off. What is the regular selling price of the bed.