5100 dollars is placed in an account with an annual interest rate of 7%. To the nearest year, how long will it take for the account value to reach 13500 dollars?

Solution

Solution

Time : 23.53

Solution steps

Translate the problem into an equation:

13500 = 5100 (1 + 0.07 t)

Solve for

t, 13500 = 5100 (1 + 0.07 t) : t = 23.53

Time : 23.53

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