claire invested 2400 in an account paying an interest rate of 3.5% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 4490

Solution

Solution

Time : 17.92

Solution steps

Translate the problem into an equation:

4490 = 2400 (1 + \frac{0.035}{12})^{12 t}

Solve for

t, 4490 = 2400 (1 + \frac{0.035}{12})^{12 t} : t = 17.92

Time : 17.92

Popular Examples

A racing car travels 340 mi in 120 minutes. What speed is it traveling at?Mandy is saving up money to buy a car. Mandy puts 7,100.00 into an account which earns 1% interest, compounded annually. How much will she have in the account after 10 years?Sam borrowed 4, 500 for 2 years and had to pay 630 simple interest at the end of that time. What rate of interest did he pay?Nick, a professional golfer, had an average score of 75 points last season. This season, however, his average score has been 8% higher. What is Nick's current average score?The sum of two numbers is 9 , and the difference of the numbers is 1 . Write a system of equations to represent this situation. Then solve the system to find the numbers.