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Gabriel invested 17,000 in an account paying an interest rate of 3% compounded annually. 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 26,600?

Solution

Gabriel invested 17, 000 in an account paying an interest rate of 3% compounded annually. 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 26, 600?

Solution

Time : 15.15

Solution steps

Translate the problem into an equation:

26600 = 17000 (1 + \frac{0.03}{1})^{1 \cdot t}

Solve for

t, 26600 = 17000 (1 + \frac{0.03}{1})^{1 \cdot t} : t = 15.15

Time : 15.15

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