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Dylan invested 47,000 in an account paying an interest rate of 4% 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 79,200?

Solution

Dylan invested 47, 000 in an account paying an interest rate of 4% 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 79, 200?

Solution

Time : 13.3

Solution steps

Translate the problem into an equation:

79200 = 47000 (1 + \frac{0.04}{1})^{1 \cdot t}

Solve for

t, 79200 = 47000 (1 + \frac{0.04}{1})^{1 \cdot t} : t = 13.3

Time : 13.3

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