A person invests 7500 dollars in a bank. The bank pays 6.75% interest compounded annually. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 15200 dollars?

Solution

Solution

Time : 10.81

Solution steps

Translate the problem into an equation:

15200 = 7500 (1 + \frac{0.0675}{1})^{1 \cdot t}

Solve for

t, 15200 = 7500 (1 + \frac{0.0675}{1})^{1 \cdot t} : t = 10.81

Time : 10.81

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