2300 dollars is placed in an account with an annual interest rate of 5.5%. To the nearest tenth of a year, how long will it take for the account value to reach 4300 dollars

Solution

Solution

Time : 15.81

Solution steps

Translate the problem into an equation:

4300 = 2300 (1 + 0.055 t)

Solve for

t, 4300 = 2300 (1 + 0.055 t) : t = 15.81

Time : 15.81

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