en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

how long it will take an initial investment of 10,000 to grow to 42,000, if the account earns 3.33% interest per year, compounded annually. Round the solution to two decimal places.

Solution

h o w l o n g i t w i ll t ak e an ini t ia l in v es t m e n t o f 10, 000 t o g ro w t o 42, 000, i f t h e a cco u n t e a r n s 3.33% in t eres t p er ye a r, co m p o u n d e d ann u a ll y . R o u n d t h e so l u t i o n t o tw o d ec ima l pl a ces .

Solution

Time : 43.81

Solution steps

Translate the problem into an equation:

42000 = 10000 (1 + \frac{0.0333}{1})^{1 \cdot t}

Solve for

t, 42000 = 10000 (1 + \frac{0.0333}{1})^{1 \cdot t} : t = 43.80925 \dots

Time : 43.80925 \dots

Round

43.80925 \dots

to the nearest 2 decimal places:

43.81

Time : 43.81

Popular Examples

18 times the difference between a number and 97 is equal to the number plus 9 Joeyyyy went for a drive in his new car. He drove for 142.5 miles at a speed of 57 mph. For how many hours did he drive?Adrian went shopping for a computer monitor. At worst buy store a compter monitor originally priced at 385 had a priced markdown of 45 percent. What is a the reduced price The quotient of 15 and a number is one fifth The diameter of a circle is 20 kilometers. What is the area?