en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

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

5500 d o ll a rs i s pl a ce d in an a cco u n t w i t h an ann u a l in t eres t r a t e o f 5.25%. T o t h e n e a res t ye a r, h o w l o n g w i ll i t t ak e f or t h e a cco u n t v a l u e t o re a c h 11100 d o ll a rs ?

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

Popular Examples

seventeen more than the product of a number and-3 is less than-29 The sum of two numbers is −36 . Their difference is 68 . Find the numbers.The radius of a circle is 8 m. Find its area in terms of pipi.Makayla invested 630 in an account paying an interest rate of 5.5% compounded continuously. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 1,860?The diameter of a circle is 8 ft. Find its area in terms of pipi.