en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

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

Solution

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

Popular Examples

You invest 5,000 into the account at a 4% interest rate compounded monthly. How much money will you have after 7 years?Lucy is four times younger than her sister. If the sum of their age is 30. What are their ages?The sum of two consecutive integers is 11. Find the numbers.A 2,000 deposit is made at a bank that pays 13% compounded quarterly. How much will you have in your account at the end of 8 years?If 7 is added to 5 times a number, the result is equal to 9 more than 4 times the number. Find the number.