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Populaire 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

étapes des solutions

Translate the problem into an equation:

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

Solutionner pour

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

Time : 10.72

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