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Populaire Word Problems >

Baldwin deposited 200.00 into a new savings account that earns 14% interest compounded quarterly. How long will it take for the balance to grow to 728.00?Round your answer to the nearest month.

Solution

B a l d w in d e p os i t e d 200.00 in t o a n e w s a v in g s a cco u n t t ha t e a r n s 14% in t eres t co m p o u n d e d q u a r t er l y . Ho w l o n g w i ll i t t ak e f or t h e ba l an ce t o g ro w t o 728.00 ? R o u n d yo u r an s w er t o t h e n e a res t m o n t h .

Solution

Time : 9.39

étapes des solutions

Translate the problem into an equation:

728 = 200 (1 + \frac{0.14}{4})^{4 t}

Solutionner pour

t, 728 = 200 (1 + \frac{0.14}{4})^{4 t} : t = 9.39

Time : 9.39

Exemples populaires

seven less then the product of 4 and a number is equal to 5 44 is 55% of what number?a number decreased by 21 You deposit 580 in an account that earns simple interest at an annual rate of 4%.If no other deposits or withdrawals were made, what is the total amount of money in the account at the end of 5 years?The sum of 6 times a number and 5 is 8 .