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Aria invested 96,000 in an account paying an interest rate of 1.8% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 113,300?

Solution

Aria invested 96, 000 in an account paying an interest rate of 1.8% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 113, 300?

Solution

Time : 9.21

Solution steps

Translate the problem into an equation:

113300 = 96000 (1 + \frac{0.018}{12})^{12 t}

Solve for

t, 113300 = 96000 (1 + \frac{0.018}{12})^{12 t} : t = 9.21

Time : 9.21

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