it

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popolare Word Problems >

A person invests 3500 dollars in a bank. The bank pays 6.75% interest compounded quarterly. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 8500 dollars?

Soluzione

A p erso n in v es t s 3500 d o ll a rs in a bank . T h e bank p a ys 6.75% in t eres t co m p o u n d e d q u a r t er 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 8500 d o ll a rs ?

Soluzione

Time : 13.26

Fasi della soluzione

Translate the problem into an equation:

8500 = 3500 (1 + \frac{0.0675}{4})^{4 t}

Risolvi per

t, 8500 = 3500 (1 + \frac{0.0675}{4})^{4 t} : t = 13.26

Time : 13.26

Esempi popolari

A bank promises to pay 3.5% pa compound interest on deposits of £7691 if saved for 4 years. How much will the savings be worth at the end of the period mentioned? Write your answer correct to 2 decimal places In 2 years, Cara wants to buy a bicycle that costs 400.00. If she opens a savings account that earns 12% interest compounded quarterly, how much will she have to deposit as principal to have enough money in 2 years to buy the bike?5 more than a number is greater than or equal to 27 NUMBER THEORY The product of 36 and the square of a number is equal to 121. What are the numbers? Write the numbers from least to greatest.Find the accumulated value of an investment of 5000 at 5% compounded monthly for 8 years.