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Popular Word Problems >

2500 dollars is placed in an account with an annual interest rate of 9%. To the nearest year, how long will it take for the account value to reach 7500 dollars?

Solution

2500 d o ll a rs i s pl a ce d in an a cco u n t w i t h an ann u a l in t eres t r a t e o f 9%. T o t h e n e a res t ye a r, h o w l o n g w i ll i t t ak e f or t h e a cco u n t v a l u e t o re a c h 7500 d o ll a rs ?

Solution

Time : 22.22

Solution steps

Translate the problem into an equation:

7500 = 2500 (1 + 0.09 t)

Solve for

t, 7500 = 2500 (1 + 0.09 t) : t = 22.22

Time : 22.22

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