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Popular Word Problems >

find how long it takes 1900dollars investment to earn 60.00dollars in interest if the interest rate is 2% compounded annually

Solution

solve for

h o w l o n g i t t ak es 1900 d o ll a rs in v es t m e n t t o e a r n 60.00 d o ll a rs in in t eres t i f t h e in t eres t r a t e i s 2% co m p o u n d e d ann u a ll y

Solution

Time : 1.57

Solution steps

Translate the problem into an equation:

1960 = 1900 (1 + \frac{0.02}{1})^{1 \cdot t}

Solve for

t, 1960 = 1900 (1 + \frac{0.02}{1})^{1 \cdot t} : t = 1.57

Time : 1.57

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