4900 dollars is placed in an account with an annual interest rate of 5.75%. To the nearest tenth of a year, how long will it take for the account value to reach 13500 dollars?

Solution

Solution

Time : 30.52

Solution steps

Translate the problem into an equation:

13500 = 4900 (1 + 0.0575 t)

Solve for

t, 13500 = 4900 (1 + 0.0575 t) : t = 30.52

Time : 30.52

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