4500 dollars is placed in an account with an annual interest rate of 7%. To the nearest tenth of a year, how long will it take for the account value to reach 10800 dollars?

Solution

Solution

Time : 20

Solution steps

Translate the problem into an equation:

10800 = 4500 (1 + 0.07 t)

Solve for

t, 10800 = 4500 (1 + 0.07 t) : t = 20

Time : 20

Popular Examples

A poker hand consisting of 4 cards is dealt from a standard deck of 52 cards. Find the probability that the hand contains exactly 3 face cards.Round your answer to 4 decimal places as needed.the product of a number and ten is six Jenna opened a savings account and deposited 710.00. The account earns 13.06% interest, compounded annually. If she wants to use the money to buy a new bicycle in 3 years, how much will she be able to spend on the bike?Harper invested 3,200 in an account paying an interest rate of 7% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 6 years?three more than the quotient of a number and 2 is equal to 9