Skylar invested 3,100 in an account paying an interest rate of 3.3% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 4,720?

Lời Giải

Skylar invested 3, 100 in an account paying an interest rate of 3.3% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 4, 720?

Lời Giải

Time : 12.79

Các bước giải pháp

Translate the problem into an equation:

4720 = 3100 (1 + \frac{0.033}{4})^{4 t}

Giải

t, 4720 = 3100 (1 + \frac{0.033}{4})^{4 t} : t = 12.79

Time : 12.79

Ví dụ phổ biến

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