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Popular Word Problems >

You invest 1000 into your bank account. The account has an interest 5%, compounded monthly.How many years would it take for your to have 2000.

Solution

Y o u in v es t 1000 in t o yo u r bank a cco u n t . T h e a cco u n t ha s an in t eres t 5%, co m p o u n d e d m o n t h l y . Ho w man y ye a rs w o u l d i t t ak e f or yo u r t o ha v e 2000.

Solution

Time : 13.89

Solution steps

Translate the problem into an equation:

2000 = 1000 (1 + \frac{0.05}{12})^{12 t}

Solve for

t, 2000 = 1000 (1 + \frac{0.05}{12})^{12 t} : t = 13.89

Time : 13.89

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