Solution
Kevin invested 2, 500 in an account paying an interest rate of 2.7% compounded daily. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 3, 460?
Solution
Solution steps
Translate the problem into an equation:
Solve for
Popular Examples
10 increased by 6 times a number is the same as 4 less than 4 times the number. find the numberJames has 5 apple and give 3 to Sally. How many apples does James have now?Jenny puts 1,000.00 into an account to use for school expenses. The account earns 14% interest, compounded quarterly. How much will be in the account after 8 years?Avery invested 21,000 in an account paying an interest rate of 3.3% compounded continuously. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 29,200?Zendaya invests money in an account paying a simple interest of 7.3% per year. If she invests 70 and no money will be added or removed from the investment, how much will she have in one year, in dollars and cents?