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Popular Word Problems >

Raina deposited 3000 into an account with a 10.2% annual interest rate, compounded monthly. Assuming that no withdrawals are made, how long will it take for the investment to grow to 4698 ?

Solution

R aina d e p os i t e d 3000 in t o an a cco u n t w i t h a 10.2% ann u a l in t eres t r a t e, co m p o u n d e d m o n t h l y . A ss u min g t ha t n o w i t h d r a w a l s a re ma d e, h o w l o n g w i ll i t t ak e f or t h e in v es t m e n t t o g ro w t o 4698 ?

Solution

Time : 4.42

Solution steps

Translate the problem into an equation:

4698 = 3000 (1 + \frac{0.102}{12})^{12 t}

Solve for

t, 4698 = 3000 (1 + \frac{0.102}{12})^{12 t} : t = 4.42

Time : 4.42

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