en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

If 30,000 is invested at 5% annual interest compounded monthly, how long would it take for the account balance to reach 90,000? Round your answer to the nearest tenth.

Solution

I f 30, 000 i s in v es t e d a t 5% ann u a l in t eres t co m p o u n d e d m o n t h l y, h o w l o n g w o u l d i t t ak e f or t h e a cco u n t ba l an ce t o re a c h 90, 000 ? R o u n d yo u r an s w er t o t h e n e a res t t e n t h .

Solution

Time : 22

Solution steps

Translate the problem into an equation:

90000 = 30000 (1 + \frac{0.05}{12})^{12 t}

Solve for

t, 90000 = 30000 (1 + \frac{0.05}{12})^{12 t} : t = 22.01798 \dots

Time : 22.01798 \dots

Round

22.01798 \dots

to the nearest tenth:

22

Time : 22

Popular Examples

the population of a city has increased by 24% since it was last measured. If the current population is 27,900, what was the previous population?A triangular pane of glass has a height of 30 inches and an area of 270 square inches. What is the length of the base of the pane?The radius of a circle is 18 in. Find its circumference in terms of pipi.Carlos invested some money 7 years ago in a savings account that earned a simple interest rate of 3.125%. He now has 40,218.75. How much money did he start with?An account with an initial balance of 5000 earns 5% interest for 3.5 years.What is the ending balance