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Matthew invested 5,300 in an account paying an interest rate of 2.1% compounded annually. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 6,020?

Solution

Matthew invested 5, 300 in an account paying an interest rate of 2.1% compounded annually. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 6, 020?

Solution

Time : 6.13

Solution steps

Translate the problem into an equation:

6020 = 5300 (1 + \frac{0.021}{1})^{1 \cdot t}

Solve for

t, 6020 = 5300 (1 + \frac{0.021}{1})^{1 \cdot t} : t = 6.13

Time : 6.13

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