9300 dollars is placed in an account with an annual interest rate of 6.75%. To the nearest tenth of a year, how long will it take for the account value to reach 33900 dollars?

Solution

Solution

Time : 39.19

Solution steps

Translate the problem into an equation:

33900 = 9300 (1 + 0.0675 t)

Solve for

t, 33900 = 9300 (1 + 0.0675 t) : t = 39.19

Time : 39.19

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