Jeremiah deposited 3,000.00 into a new savings account that earns 10% interest compounded monthly. How long will it take for the balance to grow to 7,172.00?

Solution

Jeremiah deposited 3, 000.00 into a new savings account that earns 10% interest compounded monthly. How long will it take for the balance to grow to 7, 172.00?

Solution

Time : 8.75

Solution steps

Translate the problem into an equation:

7172 = 3000 (1 + \frac{0.1}{12})^{12 t}

Solve for

t, 7172 = 3000 (1 + \frac{0.1}{12})^{12 t} : t = 8.75

Time : 8.75

Popular Examples

Oscar opened a savings account 9 years ago. The account earns 11% interest, compounded quarterly. If the current balance is 300.00, how much did he deposit initially?Fill in the box with a number that is greater than 978 and less than 987. Write the number in the space provided.Ben is 3 times as old as Daniel and is also 4 years older than Daniel.How old is Daniel?Translate the sentence into an equation. The sum of 2 times a number and 8 is 6 Use the variable x for the unknown number.reduced fat cookie contains 4g of fat per serving. In order for food to be termed 'reduced fat', it must have at least 20% less fat than the regular item. What can you conclude about how much fat is in a serving of the regular cookie? How much fat does a serving of regular cookies contain? Select the correct choice below, and fill in the answer box to complete your choice.