en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Brooklyn invested 25,000 in an account paying an interest rate of 6.8% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 65,500?

Solution

B roo k l y n in v es t e d 25, 000 in an a cco u n t p a y in g an in t eres t r a t e o f 6.8% co m p o u n d e d m o n t h 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 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 65, 500 ?

Solution

Time : 14.2

Solution steps

Translate the problem into an equation:

65500 = 25000 (1 + \frac{0.068}{12})^{12 t}

Solve for

t, 65500 = 25000 (1 + \frac{0.068}{12})^{12 t} : t = 14.2

Time : 14.2

Popular Examples

Two less than four times a number is ten Sophia invested 79,000 in an account paying an interest rate of 6.8% 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 152,800?The circumference of a circle is 22pi m. What is the area, in square meters? Express your answer in terms of pipi.A rectangle has one side of 11 cm. How fast is the area of the rectangle changing at the instant when the other side is 12cm and increasing at 5cm per minute?Carter invested 3,900 in an account paying an interest rate of 3.9% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 5 years?