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Popular Word Problems >

Hailey invested 1,700 in an account paying an interest rate of 2.2% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 2,590?

Solución

H ai l ey in v es t e d 1, 700 in an a cco u n t p a y in g an in t eres t r a t e o f 2.2% co m p o u n d e d m o n t h l y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w l o n g w o u l d i t t ak e, t o t h e n e a res t ye a r, f or t h e v a l u e o f t h e a cco u n t t o re a c h 2, 590 ?

Solución

Time : 19.16

Pasos de solución

Translate the problem into an equation:

2590 = 1700 (1 + \frac{0.022}{12})^{12 t}

Resolver para

t, 2590 = 1700 (1 + \frac{0.022}{12})^{12 t} : t = 19.16

Time : 19.16

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