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?

Soluzione

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?

Soluzione

Time : 9.81

Fasi della soluzione

Translate the problem into an equation:

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

Risolvi per

t, 5290 = 4100 (1 + \frac{0.026}{12})^{12 t} : t = 9.81

Time : 9.81

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