fr

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Populaire Word Problems >

A person invests 5000 dollars in a bank. The bank pays 5% interest compounded monthly. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 10500 dollars?

Solution

A p erso n in v es t s 5000 d o ll a rs in a bank . T h e bank p a ys 5% in t eres t co m p o u n d e d m o n t h l y . T o t h e n e a res t t e n t h o f a ye a r, h o w l o n g m u s t t h e p erso n l e a v e t h e m o n ey in t h e bank u n t i l i t re a c h es 10500 d o ll a rs ?

Solution

Time : 14.87

étapes des solutions

Translate the problem into an equation:

10500 = 5000 (1 + \frac{0.05}{12})^{12 t}

Solutionner pour

t, 10500 = 5000 (1 + \frac{0.05}{12})^{12 t} : t = 14.87

Time : 14.87

Exemples populaires

Find the amount to which 800 will grow under each of these conditions:8% compounded annually for 10 years. Do not round intermediate calculations. Round your answer to the nearest cent.The product of two consecutive positive numbers is 156 . Find the numbers.Connor invested 77,000 in an account paying an interest rate of 4.5% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 12 years?Write a function in terms of t that represents the situation.Sales of 10,000 increase by 65% each year.The circonférence of a circle is 81.64 meters. What is the circle's diameter?