5500 dollars is placed in an account with an annual interest rate of 5.25%. To the nearest year, how long will it take for the account value to reach 11100 dollars?

Solution

Solution

Time : 19.39

Solution steps

Translate the problem into an equation:

11100 = 5500 (1 + 0.0525 t)

Solve for

t, 11100 = 5500 (1 + 0.0525 t) : t = 19.39

Time : 19.39

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