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A person invests 7500 dollars in a bank. The bank pays 5.5% interest compounded annually. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 14300 dollars

Solution

Solution

Time : 12.05

Solution steps

Translate the problem into an equation:

14300 = 7500 (1 + \frac{0.055}{1})^{1 \cdot t}

Solve for

t, 14300 = 7500 (1 + \frac{0.055}{1})^{1 \cdot t} : t = 12.05

Time : 12.05

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