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Popular Word Problems >

You invest 200 at 7% per annum compounded quarterly. How long will it take for your balance to exceed 270?

Solution

Y o u in v es t 200 a t 7% p er ann u m co m p o u n d e d q u a r t er l y . Ho w l o n g w i ll i t t ak e f or yo u r ba l an ce t o e x cee d 270 ?

Solution

Time : 4.32

Solution steps

Translate the problem into an equation:

270 = 200 (1 + \frac{0.07}{4})^{4 t}

Solve for

t, 270 = 200 (1 + \frac{0.07}{4})^{4 t} : t = 4.32

Time : 4.32

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