A person invests 9500 dollars in a bank. The bank pays 5.75% interest compounded annually. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 22600 dollars?

Solución

Solución

Time : 15.5

Pasos de solución

Translate the problem into an equation:

22600 = 9500 (1 + \frac{0.0575}{1})^{1 \cdot t}

Resolver para

t, 22600 = 9500 (1 + \frac{0.0575}{1})^{1 \cdot t} : t = 15.5

Time : 15.5

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