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Popolare Word Problems >

Brooklyn invested 25,000 in an account paying an interest rate of 6.8% 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 65,500?

Soluzione

B roo k l y n in v es t e d 25, 000 in an a cco u n t p a y in g an in t eres t r a t e o f 6.8% 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 65, 500 ?

Soluzione

Time : 14.2

Fasi della soluzione

Translate the problem into an equation:

65500 = 25000 (1 + \frac{0.068}{12})^{12 t}

Risolvi per

t, 65500 = 25000 (1 + \frac{0.068}{12})^{12 t} : t = 14.2

Time : 14.2

Esempi popolari

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