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Popular Word Problems >

Albi has 4500 to invest at 5.8% compounded weekly. He would like to have 6000 when he goes to withdraw his funds. How long should he invest his money?

Solution

A l bi ha s 4500 t o in v es t a t 5.8% co m p o u n d e d w ee k l y . He w o u l d l ik e t o ha v e 6000 w h e n h e g oes t o w i t h d r a w hi s f u n d s . Ho w l o n g s h o u l d h e in v es t hi s m o n ey ?

Solution

Time : 4.96

Solution steps

Translate the problem into an equation:

6000 = 4500 (1 + \frac{0.058}{52})^{52 t}

Solve for

t, 6000 = 4500 (1 + \frac{0.058}{52})^{52 t} : t = 4.96

Time : 4.96

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