Abigail invested 2,900 in an account paying an interest rate of 2.8% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 4,050?

Lời Giải

Abigail invested 2, 900 in an account paying an interest rate of 2.8% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 4, 050?

Lời Giải

Time : 11.97

Các bước giải pháp

Translate the problem into an equation:

4050 = 2900 (1 + \frac{0.028}{4})^{4 t}

Giải

t, 4050 = 2900 (1 + \frac{0.028}{4})^{4 t} : t = 11.97

Time : 11.97

Ví dụ phổ biến

Two numbers add up to 37. If the smaller number is increased by half the larger number, the result is 26. Find the two numbers.Four times the sum of a number and 21 is at most 29 Twice the input number divided by 3 A store pays 268 for a pair of bunk beds. The store marks up the price by 21%. What is the new price five more than the product of a number and 2 is equal to 6