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Populaire Word Problems >

David invested 68,000 in an account paying an interest rate of 5.5% compounded daily. 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 93,000?

Solution

D a v i d in v es t e d 68, 000 in an a cco u n t p a y in g an in t eres t r a t e o f 5.5% co m p o u n d e d d ai l y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w l o n g w o u l d i t t ak e, t o t h e n e a res t t e n t h o f a ye a r, f or t h e v a l u e o f t h e a cco u n t t o re a c h 93, 000 ?

Solution

Time : 5.69

étapes des solutions

Translate the problem into an equation:

93000 = 68000 (1 + \frac{0.055}{365})^{365 t}

Solutionner pour

t, 93000 = 68000 (1 + \frac{0.055}{365})^{365 t} : t = 5.69

Time : 5.69

Exemples populaires

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