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Dale deposited 600.00 into a new savings account that earns 9% interest compounded annually. How long will it take for the balance to grow to 962.00?

Solution

Dale deposited 600.00 into a new savings account that earns 9% interest compounded annually. How long will it take for the balance to grow to 962.00?

Solution

Time : 5.48

Solution steps

Translate the problem into an equation:

962 = 600 (1 + \frac{0.09}{1})^{1 \cdot t}

Solve for

t, 962 = 600 (1 + \frac{0.09}{1})^{1 \cdot t} : t = 5.48

Time : 5.48

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