Solution

A person invests 2, 620 in an account that earns 4.5% annual interest. Find when the value of the investment reaches 7, 000.

Solution

Solution steps
Translate the problem into an equation:
Solve for

Popular Examples

An investment of 8500 increases in value by 4.5% every year. How long until the investment reaches about 17,323.calculate the approximate compound amount in 2 years on R5000.00 deposited in an account paying 7% interest, compounded monthlyJisoo is 9 years older than her friend, Jennie. Four years ago, she was two times as old as her friend. Find the present age of each.Nine years ago, Jareth was five times as old as Dave. Now, he is only three times as old as Dave. Find their present ages.The sum of the ages of a father and son is 56. Four years ago the father was 3 times as old as the son. Find the present age of each.