Khalil deposited 200.00 into a new savings account that earns 4% interest compounded annually. How long will it take for the balance to grow to 227.00?

Solution

Solution

Time : 3.23

Solution steps

Translate the problem into an equation:

227 = 200 (1 + \frac{0.04}{1})^{1 \cdot t}

Solve for

t, 227 = 200 (1 + \frac{0.04}{1})^{1 \cdot t} : t = 3.23

Time : 3.23

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