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Carter invested 16,000 in an account paying an interest rate of 5.6% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 29,600?

Solution

Carter invested 16, 000 in an account paying an interest rate of 5.6% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 29, 600?

Solution

Time : 11.01

Solution steps

Translate the problem into an equation:

29600 = 16000 (1 + \frac{0.056}{12})^{12 t}

Solve for

t, 29600 = 16000 (1 + \frac{0.056}{12})^{12 t} : t = 11.01

Time : 11.01

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