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Caleb invested 8,800 in an account paying an interest rate of 2.8% compounded daily. 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 13,060?

Solution

Caleb invested 8, 800 in an account paying an interest rate of 2.8% compounded daily. 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 13, 060?

Solution

Time : 14.1

Solution steps

Translate the problem into an equation:

13060 = 8800 (1 + \frac{0.028}{365})^{365 t}

Solve for

t, 13060 = 8800 (1 + \frac{0.028}{365})^{365 t} : t = 14.1

Time : 14.1

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