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Popular Word Problems >

5100 dollars is placed in an account with an annual interest rate of 7%. To the nearest year, how long will it take for the account value to reach 24000 dollars

Solution

5100 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 7%. 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 24000 d o ll a rs

Solution

Time : 52.94

Solution steps

Translate the problem into an equation:

24000 = 5100 (1 + 0.07 t)

Solve for

t, 24000 = 5100 (1 + 0.07 t) : t = 52.94

Time : 52.94

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