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Popular Word Problems >

4900 dollars is placed in an account with an annual interest rate of 5.75%. To the nearest tenth of a year, how long will it take for the account value to reach 13500 dollars?

Solution

4900 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 5.75%. T o t h e n e a res t t e n t h o f a 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 13500 d o ll a rs ?

Solution

Time : 30.52

Solution steps

Translate the problem into an equation:

13500 = 4900 (1 + 0.0575 t)

Solve for

t, 13500 = 4900 (1 + 0.0575 t) : t = 30.52

Time : 30.52

Popular Examples

twice a number subtracted from 11 is no less than 27 A number is seven times another number. Their sum is 40. What are the numbers?sum of consecutive integers 3009 the product of 15 and a number is-75 Elijah invested 610 in an account paying an interest rate of 4.1% compounded annually. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 900?