Faith invested 4,100 in an account paying an interest rate of 2.6% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 5,290?

الحلّ

Faith invested 4, 100 in an account paying an interest rate of 2.6% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 5, 290?

الحلّ

Time : 9.81

خطوات الحلّ

Translate the problem into an equation:

5290 = 4100 (1 + \frac{0.026}{12})^{12 t}

5290 = 4100 (1 + \frac{0.026}{12})^{12 t}, t

حلّ لـ:

t = 9.81

Time : 9.81

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