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Popular Word Problems >

Find the time required for an investment of 16 000 to grow to 21 000 at an annual interest rate of 6% if the interest is compounded yearly.

Solução

F in d t h e t im e re q u i re d f or an in v es t m e n t o f ​16 000 t o g ro w t o ​21 000 a t an ann u a l in t eres t r a t e o f 6​% i f t h e in t eres t i s co m p o u n d e d ye a r l y .

Solução

Time : 4.67

Passos da solução

Translate the problem into an equation:

21000 = 16000 (1 + \frac{0.06}{1})^{1 \cdot t}

Resolver para

t, 21000 = 16000 (1 + \frac{0.06}{1})^{1 \cdot t} : t = 4.67

Time : 4.67

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