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Popular Word Problems >

Paula deposits 1000 in an account that pays 1.6% interest compounded monthly. After how many years will the value of the account be 1500? Round to the nearest tenth.

Solution

P a u l a d e p os i t s 1000 in an a cco u n t t ha t p a ys 1.6% in t eres t co m p o u n d e d m o n t h l y . A f t er h o w man y ye a rs w i ll t h e v a l u e o f t h e a cco u n t b e 1500 ? R o u n d t o t h e n e a res t t e n t h .

Solution

Time : 25.4

Solution steps

Translate the problem into an equation:

1500 = 1000 (1 + \frac{0.016}{12})^{12 t}

Solve for

t, 1500 = 1000 (1 + \frac{0.016}{12})^{12 t} : t = 25.35845 \dots

Time : 25.35845 \dots

Round

25.35845 \dots

to the nearest tenth:

25.4

Time : 25.4

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