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Popular Word Problems >

how long will it take for a 3000 investment to grow to 3381 at an annual rate of 7.2% compounded monthly

Solution

h o w l o n g w i ll i t t ak e f or a 3000 in v es t m e n t t o g ro w t o 3381 a t an ann u a l r a t e o f 7.2% co m p o u n d e d m o n t h l y

Solution

Time : 1.67

Solution steps

Translate the problem into an equation:

3381 = 3000 (1 + \frac{0.072}{12})^{12 t}

Solve for

t, 3381 = 3000 (1 + \frac{0.072}{12})^{12 t} : t = 1.67

Time : 1.67

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