A person invests 8000 dollars in a bank. The bank pays 7% interest compounded annually. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 15600 dollars?

Solution

Solution

Time : 9.87

Solution steps

Translate the problem into an equation:

15600 = 8000 (1 + \frac{0.07}{1})^{1 \cdot t}

Solve for

t, 15600 = 8000 (1 + \frac{0.07}{1})^{1 \cdot t} : t = 9.87

Time : 9.87

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