Ariana deposited 3,000.00 into a new savings account that earns 8% interest compounded annually. How long will it take for the balance to grow to 5,570.00?Round your answer to the nearest month.

Solution

Ariana deposited 3, 000.00 into a new savings account that earns 8% interest compounded annually. How long will it take for the balance to grow to 5, 570.00?Round your answer to the nearest month.

Solution

Time : 8.04

Solution steps

Translate the problem into an equation:

5570 = 3000 (1 + \frac{0.08}{1})^{1 \cdot t}

Solve for

t, 5570 = 3000 (1 + \frac{0.08}{1})^{1 \cdot t} : t = 8.04

Time : 8.04

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