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Barbara deposited 300.00 into a new savings account that earns 15% interest compounded monthly. How long will it take for the balance to grow to 1,286.00?Round your answer to the nearest month.

Solution

Barbara deposited 300.00 into a new savings account that earns 15% interest compounded monthly. How long will it take for the balance to grow to 1, 286.00?Round your answer to the nearest month.

Solution

Time : 9.76

Solution steps

Translate the problem into an equation:

1286 = 300 (1 + \frac{0.15}{12})^{12 t}

Solve for

t, 1286 = 300 (1 + \frac{0.15}{12})^{12 t} : t = 9.76

Time : 9.76

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