Popular >

Ella invested 4,900 in an account paying an interest rate of 3% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 5,920?

Solution

Ella invested 4, 900 in an account paying an interest rate of 3% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 5, 920?

Solution

Time : 6.31

Solution steps

Translate the problem into an equation:

5920 = 4900 (1 + \frac{0.03}{12})^{12 t}

Solve for

t, 5920 = 4900 (1 + \frac{0.03}{12})^{12 t} : t = 6.31

Time : 6.31

Popular Examples

maria has 2 apples, she gives 1 to john. How many apples does she have left?Joy is 2/3 as old as Lyd. Six years ago, Joy is 20 less than Lyd's age.:How old are they 6 years ago?The radius of a circle is 2 meters. What is the circle's area?The perimeter of a rectangular garden is 364 feet. If the length of the garden is 99 feet, what is its width?The diameter of a circle is 6 m. Find its area in terms of