Zoe invested 780 in an account paying an interest rate of 5.7% 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 1,230?

Solução

Zoe invested 780 in an account paying an interest rate of 5.7% 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 1, 230?

Solução

Time : 7.99

Passos da solução

Translate the problem into an equation:

1230 = 780 (1 + \frac{0.057}{365})^{365 t}

Resolver para

t, 1230 = 780 (1 + \frac{0.057}{365})^{365 t} : t = 7.99

Time : 7.99

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