Ella invested 4,900 in an account paying an interest rate of 3% compounded monthly. 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 5,920?

Solución

Ella invested 4, 900 in an account paying an interest rate of 3% compounded monthly. 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 5, 920?

Solución

Time : 6.31

Pasos de solución

Translate the problem into an equation:

5920 = 4900 (1 + \frac{0.03}{12})^{12 t}

Resolver para

t, 5920 = 4900 (1 + \frac{0.03}{12})^{12 t} : t = 6.31

Time : 6.31

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