Elijah invested 610 in an account paying an interest rate of 4.1% compounded annually. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 900?

פתרון

El ijah in v es t e d 610 in an a cco u n t p a y in g an in t eres t r a t e o f 4.1% co m p o u n d e d ann u a ll 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 900 ?

Time : 9.68

צעדי פתרון

Translate the problem into an equation:

900 = 610 (1 + \frac{0.041}{1})^{1 \cdot t}

900 = 610 (1 + \frac{0.041}{1})^{1 \cdot t}, t

פתור בשביל:

t = 9.68

Time : 9.68