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Popular Word Problems >

Slaman invest 30,000 in a bank that pays. The bank pays 10% compound interest annually. How long will it take for his investment to be 60,000?

Solution

Sl aman in v es t 30, 000 in a bank t ha t p a ys . T h e bank p a ys 10% co m p o u n d in t eres t ann u a ll y . Ho w l o n g w i ll i t t ak e f or hi s in v es t m e n t t o b e 60, 000 ?

Solution

Time : 7.27

Solution steps

Translate the problem into an equation:

60000 = 30000 (1 + \frac{0.1}{1})^{1 \cdot t}

Solve for

t, 60000 = 30000 (1 + \frac{0.1}{1})^{1 \cdot t} : t = 7.27

Time : 7.27

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