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Sadie invested 13,000 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 16,900?

Solution

Sadie invested 13, 000 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 16, 900?

Solution

Time : 11.41

Solution steps

Translate the problem into an equation:

16900 = 13000 (1 + \frac{0.023}{365})^{365 t}

Solve for

t, 16900 = 13000 (1 + \frac{0.023}{365})^{365 t} : t = 11.41

Time : 11.41

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