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Popular Word Problems >

how long it will take an initial investment of 11,500 to grow to 35,650, if the account earns 5.7% interest per year, compounded monthly. 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 11, 500 t o g ro w t o 35, 650, i f t h e a cco u n t e a r n s 5.7% in t eres t p er ye a r, co m p o u n d e d m o n t h l 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 : 19.9

Solution steps

Translate the problem into an equation:

35650 = 11500 (1 + \frac{0.057}{12})^{12 t}

Solve for

t, 35650 = 11500 (1 + \frac{0.057}{12})^{12 t} : t = 19.89626 \dots

Time : 19.89626 \dots

Round

19.89626 \dots

to the nearest 2 decimal places:

19.9

Time : 19.9

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