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Lily invested 90,000 in an account paying an interest rate of 4.6% compounded annually. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 221,200?

Solución

Lily invested 90, 000 in an account paying an interest rate of 4.6% compounded annually. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 221, 200?

Solución

Time : 20

Pasos de solución

Translate the problem into an equation:

221200 = 90000 (1 + \frac{0.046}{1})^{1 \cdot t}

Resolver para

t, 221200 = 90000 (1 + \frac{0.046}{1})^{1 \cdot t} : t = 20

Time : 20

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