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a principal of 2000 is invested at 8.75% interest, compounded annually. How many years will it take to accumulate 4000 or more in the account

Solution

a principal of 2000 is invested at 8.75% interest, compounded annually. How many years will it take to accumulate 4000 or more in the account

Solution

Time : 8.26

Solution steps

Translate the problem into an equation:

4000 = 2000 (1 + \frac{0.0875}{1})^{1 \cdot t}

Solve for

t, 4000 = 2000 (1 + \frac{0.0875}{1})^{1 \cdot t} : t = 8.26

Time : 8.26

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