Noah invested 8, 600 in an account paying an interest rate of 2.4% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, for the value of the account to reach 10, 900?

Solution

Solution

Time : 9.88

Solution steps

Translate the problem into an equation:

10900 = 8600 (1 + \frac{0.024}{12})^{12 t}

Solve for

t, 10900 = 8600 (1 + \frac{0.024}{12})^{12 t} : t = 9.88

Time : 9.88

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