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Popular Word Problems >

2300 dollars is placed in an account with an annual interest rate of 5.5%. To the nearest tenth of a year, how long will it take for the account value to reach 4300 dollars

Solution

2300 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 5.5%. 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 4300 d o ll a rs

Solution

Time : 15.81

Solution steps

Translate the problem into an equation:

4300 = 2300 (1 + 0.055 t)

Solve for

t, 4300 = 2300 (1 + 0.055 t) : t = 15.81

Time : 15.81

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