Destiny deposited 100.00 into a new savings account that earns 4.37% interest compounded monthly. How long will it take for the balance to grow to 109.00?Round your answer to the nearest month.

Solution

Solution

Time : 1.98

Solution steps

Translate the problem into an equation:

109 = 100 (1 + \frac{0.0437}{12})^{12 t}

Solve for

t, 109 = 100 (1 + \frac{0.0437}{12})^{12 t} : t = 1.98

Time : 1.98

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