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Popular Word Problems >

If 30,000 is invested at 5% annual interest compounded monthly, how long would it take for the account balance to reach 90,000? Round your answer to the nearest tenth.

Solution

I f 30, 000 i s in v es t e d a t 5% ann u a l in t eres t co m p o u n d e d m o n t h l y, h o w l o n g w o u l d i t t ak e f or t h e a cco u n t ba l an ce t o re a c h 90, 000 ? R o u n d yo u r an s w er t o t h e n e a res t t e n t h .

Solution

Time : 22

Solution steps

Translate the problem into an equation:

90000 = 30000 (1 + \frac{0.05}{12})^{12 t}

Solve for

t, 90000 = 30000 (1 + \frac{0.05}{12})^{12 t} : t = 22.01798 \dots

Time : 22.01798 \dots

Round

22.01798 \dots

to the nearest tenth:

22

Time : 22

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