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Popular Word Problems >

7700 dollars is placed in an account with an annual interest rate of 5.5%. To the nearest year, how long will it take for the account value to reach 26500 dollars?

Solution

7700 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 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 26500 d o ll a rs ?

Solution

Time : 44.39

Solution steps

Translate the problem into an equation:

26500 = 7700 (1 + 0.055 t)

Solve for

t, 26500 = 7700 (1 + 0.055 t) : t = 44.39

Time : 44.39

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