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Popular Word Problems >

How long will it take for 10000 to accumulate to 18000 if it is invested at an interest rate of 2.2% , compounded monthly?

Solution

Ho w l o n g w i ll i t t ak e f or 10000 t o a cc u m u l a t e t o 18000 i f i t i s in v es t e d a t an in t eres t r a t e o f 2.2%, co m p o u n d e d m o n t h l y ?

Solution

Time : 26.74

Solution steps

Translate the problem into an equation:

18000 = 10000 (1 + \frac{0.022}{12})^{12 t}

Solve for

t, 18000 = 10000 (1 + \frac{0.022}{12})^{12 t} : t = 26.74

Time : 26.74

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