Solutions
Integral CalculatorDerivative CalculatorAlgebra CalculatorMatrix CalculatorMore...
Graphing
Line Graph CalculatorExponential Graph CalculatorQuadratic Graph CalculatorSin graph CalculatorMore...
Calculators
BMI CalculatorCompound Interest CalculatorPercentage CalculatorAcceleration CalculatorMore...
Geometry
Pythagorean Theorem CalculatorCircle Area CalculatorIsosceles Triangle CalculatorTriangles CalculatorMore...
Tools
NotebookGroupsCheat SheetsWorksheetsPracticeVerify
en
English
Español
Português
Français
Deutsch
Italiano
Русский
中文(简体)
한국어
日本語
Tiếng Việt
עברית
العربية
Popular Word Problems >

Noah invested 8, 600 in an account paying an interest rate of 2.4% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, for the value of the account to reach 10, 900?

  • Pre Algebra
  • Algebra
  • Pre Calculus
  • Calculus
  • Functions
  • Linear Algebra
  • Trigonometry
  • Statistics
  • Physics
  • Chemistry
  • Finance
  • Economics
  • Conversions

Solution

Noahinvested8,600inanaccountpayinganinterestrateof2.4%compoundedmonthly.Assumingnodepositsorwithdrawalsaremade,howlongwouldittake,forthevalueoftheaccounttoreach10,900?

Solution

Time:9.88
Solution steps
Translate the problem into an equation:10900=8600(1+120.024​)12t
Solve for t,10900=8600(1+120.024​)12t:t=9.88
Time:9.88

Popular Examples

If a phone is sold for 200 with a 25% profit, what was the cost price?The price of a book set has been reduced by 35%. The new price is £41.60 What was the original price?six decreased by a numberAditya loses 11% on the cost price by selling a mobile phone for 79.4. Find the cost price of the mobile phonethe sum of 23 and twice the number
Study ToolsAI Math SolverPopular ProblemsWorksheetsStudy GuidesPracticeCheat SheetsCalculatorsGraphing CalculatorGeometry CalculatorVerify Solution
AppsSymbolab App (Android)Graphing Calculator (Android)Practice (Android)Symbolab App (iOS)Graphing Calculator (iOS)Practice (iOS)Chrome ExtensionSymbolab Math Solver API
CompanyAbout SymbolabBlogHelp
LegalPrivacyTermsCookie PolicyCookie SettingsDo Not Sell or Share My Personal InfoCopyright, Community Guidelines, DSA & other Legal ResourcesLearneo Legal Center
Social Media
Symbolab, a Learneo, Inc. business
© Learneo, Inc. 2024