en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Barbara deposited 300.00 into a new savings account that earns 15% interest compounded monthly. How long will it take for the balance to grow to 1,286.00?Round your answer to the nearest month.

Solution

B a r ba r a d e p os i t e d 300.00 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 15% in t eres t co m p o u n d e d m o n t h 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 1, 286.00 ? 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 : 9.76

Solution steps

Translate the problem into an equation:

1286 = 300 (1 + \frac{0.15}{12})^{12 t}

Solve for

t, 1286 = 300 (1 + \frac{0.15}{12})^{12 t} : t = 9.76

Time : 9.76

Popular Examples

What is the result when the number 15 is increased by 17%Bill opened a savings account and deposited 4,622.00 as principal. The account earns 2.59% interest, compounded quarterly. What is the balance after 6 years?Raymond is saving up money to buy a car. Raymond puts 7,708.00 into an account which earns 6% interest, compounded quarterly. How much will he have in the account after 3 years?nine subtracted from four times a number is 7 Between which two consecutive integers is \sqrt[3]{155}