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A person invests 8500 dollars in a bank. The bank pays 4.25% interest compounded daily. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 12100 dollars?

Solution

Solution

Time : 8.31

Solution steps

Translate the problem into an equation:

12100 = 8500 (1 + \frac{0.0425}{365})^{365 t}

Solve for

t, 12100 = 8500 (1 + \frac{0.0425}{365})^{365 t} : t = 8.31

Time : 8.31

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