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Popular Word Problems >

Kaelee wants her money to work for her, so she invests 1, 000 dollars into an account compounded quarterly at a rate of 4%. How long would it take for her to earn 500 dollars?

Solution

K a e l ee w an t s h er m o n ey t o w or k f or h er, so s h e in v es t s 1, 000 d o ll a rs in t o an a cco u n t co m p o u n d e d q u a r t er l y a t a r a t e o f 4%. Ho w l o n g w o u l d i t t ak e f or h er t o e a r n 500 d o ll a rs ?

Solution

Time : 10.19

Solution steps

Translate the problem into an equation:

1500 = 1000 (1 + \frac{0.04}{4})^{4 t}

Solve for

t, 1500 = 1000 (1 + \frac{0.04}{4})^{4 t} : t = 10.19

Time : 10.19

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