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Populaire Word Problems >

Khalil deposited 200.00 into a new savings account that earns 4% interest compounded annually. How long will it take for the balance to grow to 227.00?

Solution

K ha l i l d e p os i t e d 200.00 in t o a n e w s a v in g s a cco u n t t ha t e a r n s 4% in t eres t co m p o u n d e d ann u a ll y . Ho w l o n g w i ll i t t ak e f or t h e ba l an ce t o g ro w t o 227.00 ?

Solution

Time : 3.23

étapes des solutions

Translate the problem into an equation:

227 = 200 (1 + \frac{0.04}{1})^{1 \cdot t}

Solutionner pour

t, 227 = 200 (1 + \frac{0.04}{1})^{1 \cdot t} : t = 3.23

Time : 3.23

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