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Taylor invested 650 in an account paying an interest rate of 2.3% compounded daily. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 880?

Solution

Solution

Time : 13.17

Solution steps

Translate the problem into an equation:

880 = 650 (1 + \frac{0.023}{365})^{365 t}

Solve for

t, 880 = 650 (1 + \frac{0.023}{365})^{365 t} : t = 13.17

Time : 13.17

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