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Popular Word Problems >

Find the time required for an investment of 5000 dollars to grow to 6900 dollars at an interest rate of 9.9 percent per year, compounded daily.

Solution

solve for

t h e t im e re q u i re d f or an in v es t m e n t o f 5000 d o ll a rs t o g ro w t o 6900 d o ll a rs a t an in t eres t r a t e o f 9.9 p erce n t p er ye a r, co m p o u n d e d d ai l y .

Solution

Time : 3.25

Solution steps

Translate the problem into an equation:

6900 = 5000 (1 + \frac{0.099}{365})^{365 t}

Solve for

t, 6900 = 5000 (1 + \frac{0.099}{365})^{365 t} : t = 3.25

Time : 3.25

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