en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

Find the time required for an investment of 5000 dollars to grow to 7200 dollars at an interest rate of 8.8 percent per year, compounded monthly.

Solution

Find the time required for an investment of 5000 dollars to grow to 7200 dollars at an interest rate of 8.8 percent per year, compounded monthly.

Solution

Time : 4.16

Solution steps

Translate the problem into an equation:

7200 = 5000 (1 + \frac{0.088}{12})^{12 t}

Solve for

t, 7200 = 5000 (1 + \frac{0.088}{12})^{12 t} : t = 4.16

Time : 4.16

Popular Examples

The circumference of a circle is 10𝜋 feet. What is the area?If Paige rides for 6 hours on a bicycle, what is her rate if she rides 54 miles?Marian invests 2,874.65 in a savings account with a fixed annual interest rate of 1.88 % compounded continuously. What will the account balance be after 2 years?Patrick opened a savings account and deposited 500.00 as principal. The account earns 9% interest, compounded quarterly. What is the balance after 7 years?The radius of a circle is 10.9ft Find the circumference to the nearest tenth.