en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

A hospital administrator deposits 10, 000 into an account that earns 6% annual interest compounded monthly. In approximately how many years will the investment be worth 19, 000?

Solution

A h os p i t a l a d mini s t r a t or d e p os i t s 10, 000 in t o an a cco u n t t ha t e a r n s 6% ann u a l in t eres t co m p o u n d e d m o n t h l y . I n a pp ro x ima t e l y h o w man y ye a rs w i ll t h e in v es t m e n t b e w or t h 19, 000 ?

Solution

Time : 10.72

Solution steps

Translate the problem into an equation:

19000 = 10000 (1 + \frac{0.06}{12})^{12 t}

Solve for

t, 19000 = 10000 (1 + \frac{0.06}{12})^{12 t} : t = 10.72

Time : 10.72

Popular Examples

the sum of two numbers is 27 and their difference is 33. Set up the system to find the two numbers.The radius of a circle is 2.6 kilometers. What is the circle's area?A woman can bicycle 44 miles in the same time as it takes her to walk 12 miles. She can ride 8 mph faster than she can walk. How fast can she walk?The diameter of a circle is 2 kilometers. What is the circumference?Give the exact answer in simplest form.After ten years, how much money will you have accumulated from 5,000 invested in a savings account with a 5% annual interest rate that is compounded annually?