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Popular Word Problems >

Barbara deposited 300.00 into a new savings account that earns 15% interest compounded monthly. How long will it take for the balance to grow to 1,286.00?Round your answer to the nearest month.

Solución

B a r ba r a d e p os i t e d 300.00 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 15% in t eres t co m p o u n d e d m o n t h 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 1, 286.00 ? 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 .

Solución

Time : 9.76

Pasos de solución

Translate the problem into an equation:

1286 = 300 (1 + \frac{0.15}{12})^{12 t}

Resolver para

t, 1286 = 300 (1 + \frac{0.15}{12})^{12 t} : t = 9.76

Time : 9.76

Ejemplos populares

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