Lydia invested 8,300 in an account paying an interest rate of 2.2% compounded daily. 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 12,690?

Solution

Lydia invested 8, 300 in an account paying an interest rate of 2.2% compounded daily. 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 12, 690?

Solution

Time : 19.3

Solution steps

Translate the problem into an equation:

12690 = 8300 (1 + \frac{0.022}{365})^{365 t}

Solve for

t, 12690 = 8300 (1 + \frac{0.022}{365})^{365 t} : t = 19.3

Time : 19.3

Popular Examples

At what speed would a car have to move in order to travel 20 kilometers in two hours?Three times the square of a number You are traveling on a turnpike at a rate of 70 miles per hour.:Write a function that represents the distance d traveled in h hours.:How many miles do you travel in 3.5 hours?Aubree invested 4,400 in an account paying an interest rate of 2.4% compounded quarterly. 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 6,880?maya is x years old, and her sister is 2x years old no. after five years time maya will be 2/3 times the age of her sister. calculate the present age of maya.