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Sophie invested 93,000 in an account paying an interest rate of 5.6% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 170,500?

Solution

Sophie invested 93, 000 in an account paying an interest rate of 5.6% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 170, 500?

Solution

Time : 10.9

Solution steps

Translate the problem into an equation:

170500 = 93000 (1 + \frac{0.056}{4})^{4 t}

Solve for

t, 170500 = 93000 (1 + \frac{0.056}{4})^{4 t} : t = 10.9

Time : 10.9

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