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Popular Word Problems >

Natalie deposited 400.00 into a new savings account that earns 6% interest compounded annually. How long will it take for the balance to grow to 557.00?

Solution

N a t a l i e d e p os i t e d 400.00 in t o a n e w s a v in g s a cco u n t t ha t e a r n s 6% in t eres t co m p o u n d e d ann u a ll y . Ho w l o n g w i ll i t t ak e f or t h e ba l an ce t o g ro w t o 557.00 ?

Solution

Time : 5.68

Solution steps

Translate the problem into an equation:

557 = 400 (1 + \frac{0.06}{1})^{1 \cdot t}

Solve for

t, 557 = 400 (1 + \frac{0.06}{1})^{1 \cdot t} : t = 5.68

Time : 5.68

Popular Examples

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