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Popular Word Problems >

2500 dollars is placed in an account with an annual interest rate of 7.25%. To the nearest year, how long will it take for the account value to reach 13100 dollars?

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Solution

2500dollarsisplacedinanaccountwithanannualinterestrateof7.25%.Tothenearestyear,howlongwillittakefortheaccountvaluetoreach13100dollars?

Solution

Time:58.48
Solution steps
Translate the problem into an equation:13100=2500(1+0.0725t)
Solve for t,13100=2500(1+0.0725t):t=58.48
Time:58.48

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