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Popular Word Problems >

Imani invests 8,268 in a retirement account with a fixed annual interest rate of 8% compounded 3 times per year. How long will it take for the account balance to reach 40,102.20?

Solution

I mani in v es t s 8, 268 in a re t i re m e n t a cco u n t w i t h a f i x e d ann u a l in t eres t r a t e o f 8% co m p o u n d e d 3 t im es p er ye a r . Ho w l o n g w i ll 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 40, 102.20 ?

Solution

Time : 20.52

Solution steps

Translate the problem into an equation:

40102.2 = 8268 (1 + \frac{0.08}{1})^{1 \cdot t}

Solve for

t, 40102.2 = 8268 (1 + \frac{0.08}{1})^{1 \cdot t} : t = 20.52

Time : 20.52

Popular Examples

Carlos invests 4540 at a rate of r% per year compound interest.At the end of 10 years he has earned 1328.54 in interest.Calculate the value of r query=7 decreased by twice a number is 11 12 is 75% of what number The result of doubling a number is at most 30, what is the number?You deposit 3000 in an account that earns 3.8% annual interest compounded continuously. Find the balance of your account after 5 years