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Popular Word Problems >

2200 dollars is placed in an account with an annual interest rate of 6.5%. To the nearest year, how long will it take for the account value to reach 14100 dollars?

Solution

2200 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 6.5%. T o t h e n e a res t 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 14100 d o ll a rs ?

Solution

Time : 83.22

Solution steps

Translate the problem into an equation:

14100 = 2200 (1 + 0.065 t)

Solve for

t, 14100 = 2200 (1 + 0.065 t) : t = 83.22

Time : 83.22

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