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Populaire Word Problems >

Aubree invested 4,400 in an account paying an interest rate of 2.4% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 6,880?

Solution

A u b ree in v es t e d 4, 400 in an a cco u n t p a y in g an in t eres t r a t e o f 2.4% co m p o u n d e d q u a r t er l y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w l o n g w o u l d i t t ak e, t o t h e n e a res t t e n t h o f a ye a r, f or t h e v a l u e o f t h e a cco u n t t o re a c h 6, 880 ?

Solution

Time : 18.68

étapes des solutions

Translate the problem into an equation:

6880 = 4400 (1 + \frac{0.024}{4})^{4 t}

Solutionner pour

t, 6880 = 4400 (1 + \frac{0.024}{4})^{4 t} : t = 18.68

Time : 18.68

Exemples populaires

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