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A person invests 6000 dollars in a bank. The bank pays 6.5% interest compounded semi-annually. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 15100 dollars?

Solution

Solution

Time : 14.43

Solution steps

Translate the problem into an equation:

15100 = 6000 (1 + \frac{0.065}{2})^{2 t}

Solve for

t, 15100 = 6000 (1 + \frac{0.065}{2})^{2 t} : t = 14.43

Time : 14.43

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