5400 dollars is placed in an account with an annual interest rate of 9%. To the nearest tenth of a year, how long will it take for the account value to reach 15500 dollars?

Solution

Solution

Time : 20.78

Solution steps

Translate the problem into an equation:

15500 = 5400 (1 + 0.09 t)

Solve for

t, 15500 = 5400 (1 + 0.09 t) : t = 20.78

Time : 20.78

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