Shane deposited 10,000.00 into a new savings account that earns 15% interest compounded annually. How long will it take for the balance to grow to 19,960.00?Round your answer to the nearest month.

Solution

Shane deposited 10, 000.00 into a new savings account that earns 15% interest compounded annually. How long will it take for the balance to grow to 19, 960.00?Round your answer to the nearest month.

Solution

Time : 4.95

Solution steps

Translate the problem into an equation:

19960 = 10000 (1 + \frac{0.15}{1})^{1 \cdot t}

Solve for

t, 19960 = 10000 (1 + \frac{0.15}{1})^{1 \cdot t} : t = 4.95

Time : 4.95

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