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Popular Word Problems >

3500 dollars is placed in an account with an annual interest rate of 8.75%. To the nearest tenth of a year, how long will it take for the account value to reach 36700 dollars?

Solution

3500 d o ll a rs i s pl a ce d in an a cco u n t w i t h an ann u a l in t eres t r a t e o f 8.75%. T o t h e n e a res t t e n t h o f a ye a r, h o w l o n g w i ll i t t ak e f or t h e a cco u n t v a l u e t o re a c h 36700 d o ll a rs ?

Solution

Time : 108.41

Solution steps

Translate the problem into an equation:

36700 = 3500 (1 + 0.0875 t)

Solve for

t, 36700 = 3500 (1 + 0.0875 t) : t = 108.41

Time : 108.41

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