5400 dollars is placed in an account with an annual interest rate of 6.75% To the nearest tenth of a year, how long will it take for the account value to reach 11200 dollars?

Solution

Solution

Time : 15.91

Solution steps

Translate the problem into an equation:

11200 = 5400 (1 + 0.0675 t)

Solve for

t, 11200 = 5400 (1 + 0.0675 t) : t = 15.91

Time : 15.91

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