en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

If you deposit 1000 into an account that pays 6% interest compounded monthly, how long do you have to wait until the account is worth 4000 ?

Solution

If you deposit 1000 into an account that pays 6% interest compounded monthly, how long do you have to wait until the account is worth 4000 ?

Solution

Time : 23.16

Solution steps

Translate the problem into an equation:

4000 = 1000 (1 + \frac{0.06}{12})^{12 t}

Solve for

t, 4000 = 1000 (1 + \frac{0.06}{12})^{12 t} : t = 23.16

Time : 23.16

Popular Examples

two fair dice are rolled. what is the probability of rolling a sum not less than 8 What is the radius of a circle if it circumference is 10pi Joshua sold his bike for 10% less than he paid for it. If he sold the bike for 585, how much did he pay for it?four times the sum of 7 and some number is 20 Find the area of the triangle with vertices (6,5),(9,5) , and: (6,13)