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Popular Word Problems >

Find the time required for an investment of 5000 dollars to grow to 7200 dollars at an interest rate of 8.8 percent per year, compounded monthly.

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 7200 d o ll a rs a t an in t eres t r a t e o f 8.8 p erce n t p er ye a r, co m p o u n d e d m o n t h l y .

Solution

Time : 4.16

Solution steps

Translate the problem into an equation:

7200 = 5000 (1 + \frac{0.088}{12})^{12 t}

Solve for

t, 7200 = 5000 (1 + \frac{0.088}{12})^{12 t} : t = 4.16

Time : 4.16

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