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Popular Word Problems >

Lydia invested 83,000 in an account paying an interest rate of 6.7% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 210,100?

Solution

L y d ia in v es t e d 83, 000 in an a cco u n t p a y in g an in t eres t r a t e o f 6.7% co m p o u n d e d m o n t h 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 210, 100 ?

Solution

Time : 13.9

Solution steps

Translate the problem into an equation:

210100 = 83000 (1 + \frac{0.067}{12})^{12 t}

Solve for

t, 210100 = 83000 (1 + \frac{0.067}{12})^{12 t} : t = 13.9

Time : 13.9

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