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Popular Word Problems >

If you deposit 1000 into an account that pays 6% interest compounded monthly, how long do you have to wait until the account is worth 4000 ?

Solution

I f yo u d e p os i t 1000 in t o an a cco u n t t ha t p a ys 6% in t eres t co m p o u n d e d m o n t h l y, h o w l o n g d o yo u ha v e t o w ai t u n t i l t h e a cco u n t i s w or t h 4000 ?

Solution

Time : 23.16

Solution steps

Translate the problem into an equation:

4000 = 1000 (1 + \frac{0.06}{12})^{12 t}

Solve for

t, 4000 = 1000 (1 + \frac{0.06}{12})^{12 t} : t = 23.16

Time : 23.16

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