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Popular Word Problems >

Dale deposited 600.00 into a new savings account that earns 9% interest compounded annually. How long will it take for the balance to grow to 962.00?

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Solution

Daledeposited600.00intoanewsavingsaccountthatearns9%interestcompoundedannually.Howlongwillittakeforthebalancetogrowto962.00?

Solution

Time:5.48
Solution steps
Translate the problem into an equation:962=600(1+10.09​)1⋅t
Solve for t,962=600(1+10.09​)1⋅t:t=5.48
Time:5.48

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