Grace invested 7,000 in an account paying an interest rate of 4.7% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 11,870?

Solução

Grace invested 7, 000 in an account paying an interest rate of 4.7% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 11, 870?

Solução

Time : 11.3

Passos da solução

Translate the problem into an equation:

11870 = 7000 (1 + \frac{0.047}{4})^{4 t}

Resolver para

t, 11870 = 7000 (1 + \frac{0.047}{4})^{4 t} : t = 11.3

Time : 11.3

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