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Popular Word Problems >

Jeremiah deposited 3,000.00 into a new savings account that earns 10% interest compounded monthly. How long will it take for the balance to grow to 7,172.00?

Solution

J ere miah d e p os i t e d 3, 000.00 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 10% 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 7, 172.00 ?

Solution

Time : 8.75

Solution steps

Translate the problem into an equation:

7172 = 3000 (1 + \frac{0.1}{12})^{12 t}

Solve for

t, 7172 = 3000 (1 + \frac{0.1}{12})^{12 t} : t = 8.75

Time : 8.75

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