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Popular Word Problems >

Kevin invested 2,500 in an account paying an interest rate of 2.7% compounded daily. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 3,460?

Solution

Ke v in in v es t e d 2, 500 in an a cco u n t p a y in g an in t eres t r a t e o f 2.7% co m p o u n d e d d ai 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 3, 460 ?

Solution

Time : 12.04

Solution steps

Translate the problem into an equation:

3460 = 2500 (1 + \frac{0.027}{365})^{365 t}

Solve for

t, 3460 = 2500 (1 + \frac{0.027}{365})^{365 t} : t = 12.04

Time : 12.04

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