A person invests 9500 dollars in a bank. The bank pays 6.25% 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 22600 dollars?

Solution

Solution

Time : 14.08

Solution steps

Translate the problem into an equation:

22600 = 9500 (1 + \frac{0.0625}{2})^{2 t}

Solve for

t, 22600 = 9500 (1 + \frac{0.0625}{2})^{2 t} : t = 14.08

Time : 14.08

Popular Examples

partition numbers 19-8/x The sum of three consecutive numbers is 33. Find the numbers.Find the area of a circle with a circumference of 18.84 units.Three subtracted from the product of 6 and a number is at least 18.The square of a number is equal to 72 more than the number. Find all such numbers.