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Populaire Word Problems >

9700 dollars is placed in an account with an annual interest rate of 6.25%. To the nearest tenth of a year, how long will it take for the account value to reach 51700 dollars?

Solution

9700 d o ll a rs i s pl a ce d in an a cco u n t w i t h an ann u a l in t eres t r a t e o f 6.25%. 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 w i ll i t t ak e f or t h e a cco u n t v a l u e t o re a c h 51700 d o ll a rs ?

Solution

Time : 69.28

étapes des solutions

Translate the problem into an equation:

51700 = 9700 (1 + 0.0625 t)

Solutionner pour

t, 51700 = 9700 (1 + 0.0625 t) : t = 69.28

Time : 69.28

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