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Popular >

Find the time required for an investment of 5000 dollars to grow to 6900 dollars at an interest rate of 9.9 percent per year, compounded daily.

Solution

Find the time required for an investment of 5000 dollars to grow to 6900 dollars at an interest rate of 9.9 percent per year, compounded daily.

Solution

Time : 3.25

Solution steps

Translate the problem into an equation:

6900 = 5000 (1 + \frac{0.099}{365})^{365 t}

Solve for

t, 6900 = 5000 (1 + \frac{0.099}{365})^{365 t} : t = 3.25

Time : 3.25

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