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Popular Word Problems >

Ariana deposited 3,000.00 into a new savings account that earns 8% interest compounded annually. How long will it take for the balance to grow to 5,570.00?Round your answer to the nearest month.

Solução

A r iana d e p os i t e d 3, 000.00 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 8% in t eres t co m p o u n d e d ann u a ll 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 5, 570.00 ? 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 .

Solução

Time : 8.04

Passos da solução

Translate the problem into an equation:

5570 = 3000 (1 + \frac{0.08}{1})^{1 \cdot t}

Resolver para

t, 5570 = 3000 (1 + \frac{0.08}{1})^{1 \cdot t} : t = 8.04

Time : 8.04

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