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Popular Word Problems >

Shane deposited 10,000.00 into a new savings account that earns 15% interest compounded annually. How long will it take for the balance to grow to 19,960.00?Round your answer to the nearest month.

Solution

S han e d e p os i t e d 10, 000.00 in t o a n e w s a v in g s a cco u n t t ha t e a r n s 15% in t eres t co m p o u n d e d ann u a ll y . Ho w l o n g w i ll i t t ak e f or t h e ba l an ce t o g ro w t o 19, 960.00 ? R o u n d yo u r an s w er t o t h e n e a res t m o n t h .

Solution

Time : 4.95

Solution steps

Translate the problem into an equation:

19960 = 10000 (1 + \frac{0.15}{1})^{1 \cdot t}

Solve for

t, 19960 = 10000 (1 + \frac{0.15}{1})^{1 \cdot t} : t = 4.95

Time : 4.95

Popular Examples

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