how long it will take an initial investment of 10,000 to grow to 42,000, if the account earns 3.33% interest per year, compounded annually. Round the solution to two decimal places.

Решение

h o w l o n g i t w i ll t ak e an ini t ia l in v es t m e n t o f 10, 000 t o g ro w t o 42, 000, i f t h e a cco u n t e a r n s 3.33% in t eres t p er ye a r, co m p o u n d e d ann u a ll y . R o u n d t h e so l u t i o n t o tw o d ec ima l pl a ces .

Time : 43.81

Шаги решения

Translate the problem into an equation:

42000 = 10000 (1 + \frac{0.0333}{1})^{1 \cdot t}

Решите для

t, 42000 = 10000 (1 + \frac{0.0333}{1})^{1 \cdot t} : t = 43.80925 \dots

Time : 43.80925 \dots

Округлить

43.80925 \dots

до ближайшего 2 decimal places:

43.81

Time : 43.81