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A person invests 5500 dollars in a bank. The bank pays 4.25% interest compounded annually. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 11200 dollars?

Solution

Solution

Time : 17.09

Solution steps

Translate the problem into an equation:

11200 = 5500 (1 + \frac{0.0425}{1})^{1 \cdot t}

Solve for

t, 11200 = 5500 (1 + \frac{0.0425}{1})^{1 \cdot t} : t = 17.09

Time : 17.09

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