Jared puts 3,000 into a bank account earning 3.4% interest. Years later, when he takes the money out of the account, he has 4,073.95. About how long did he leave the money in his bank account?

Solution

Jared puts 3, 000 into a bank account earning 3.4% interest. Years later, when he takes the money out of the account, he has 4, 073.95. About how long did he leave the money in his bank account?

Solution

Time : 10.53

Solution steps

Translate the problem into an equation:

4073.95 = 3000 (1 + 0.034 t)

Solve for

t, 4073.95 = 3000 (1 + 0.034 t) : t = 10.53

Time : 10.53

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