2100 dollars is placed in an account with an annual interest rate of 6%. To the nearest tenth of a year, how long will it take for the account value to reach 9400 dollars?

Solution

Solution

Time : 57.94

Solution steps

Translate the problem into an equation:

9400 = 2100 (1 + 0.06 t)

Solve for

t, 9400 = 2100 (1 + 0.06 t) : t = 57.94

Time : 57.94

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