7700 dollars is placed in an account with an annual interest rate of 8.25%. To the nearest tenth of a year, how long will it take for the account value to reach 44700 dollars?

Solution

Solution

Time : 58.24

Solution steps

Translate the problem into an equation:

44700 = 7700 (1 + 0.0825 t)

Solve for

t, 44700 = 7700 (1 + 0.0825 t) : t = 58.24

Time : 58.24

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