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Popular Word Problems >

Baldwin deposited 200.00 into a new savings account that earns 14% interest compounded quarterly. How long will it take for the balance to grow to 728.00?Round your answer to the nearest month.

Solution

B a l d w in d e p os i t e d 200.00 in t o a n e w s a v in g s a cco u n t t ha t e a r n s 14% in t eres t co m p o u n d e d q u a r t er l y . Ho w l o n g w i ll i t t ak e f or t h e ba l an ce t o g ro w t o 728.00 ? R o u n d yo u r an s w er t o t h e n e a res t m o n t h .

Solution

Time : 9.39

Solution steps

Translate the problem into an equation:

728 = 200 (1 + \frac{0.14}{4})^{4 t}

Solve for

t, 728 = 200 (1 + \frac{0.14}{4})^{4 t} : t = 9.39

Time : 9.39

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