A person invests 3500 dollars in a bank. The bank pays 6.5% interest compounded quarterly. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 5600 dollars?

Solution

Solution

Time : 7.29

Solution steps

Translate the problem into an equation:

5600 = 3500 (1 + \frac{0.065}{4})^{4 t}

Solve for

t, 5600 = 3500 (1 + \frac{0.065}{4})^{4 t} : t = 7.29

Time : 7.29

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