5700 dollars is placed in an account with an annual interest rate of 6.5%. To the nearest year, how long will it take for the account value to reach 20900 dollars?

Solution

Solution

Time : 41.03

Solution steps

Translate the problem into an equation:

20900 = 5700 (1 + 0.065 t)

Solve for

t, 20900 = 5700 (1 + 0.065 t) : t = 41.03

Time : 41.03

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