2500 dollars is placed in an account with an annual interest rate of 7.25%. To the nearest year, how long will it take for the account value to reach 13100 dollars?

Solution

Solution

Time : 58.48

Solution steps

Translate the problem into an equation:

13100 = 2500 (1 + 0.0725 t)

Solve for

t, 13100 = 2500 (1 + 0.0725 t) : t = 58.48

Time : 58.48

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