A person invests 7500 dollars in a bank. The bank pays 6% 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 10100 dollars?

Solution

Solution

Time : 5.03

Solution steps

Translate the problem into an equation:

10100 = 7500 (1 + \frac{0.06}{2})^{2 t}

Solve for

t, 10100 = 7500 (1 + \frac{0.06}{2})^{2 t} : t = 5.03

Time : 5.03

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