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Riley invested 8,500 in an account paying an interest rate of 3.8% compounded daily. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 18,040?

Lösung

Riley invested 8, 500 in an account paying an interest rate of 3.8% compounded daily. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 18, 040?

Lösung

Time : 19.8

Schritte zur Lösung

Translate the problem into an equation:

18040 = 8500 (1 + \frac{0.038}{365})^{365 t}

Löse nach

t, 18040 = 8500 (1 + \frac{0.038}{365})^{365 t} : t = 19.8

Time : 19.8

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