Carter invested $16,000 in an account paying an interest rate of 5.6% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach $29,600?

Question

06-04-2021
Mathematics

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Carter invested $16,000 in an account paying an interest rate of 5.6% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach $29,600?

Sagot :

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francocanacari francocanacari · Answer 1 · 2021-04-11T20:05:58-04:00

Answer:

11 years.

Step-by-step explanation:

Given that Carter invested $ 16,000 in an account paying an interest rate of 5.6% compounded monthly, to determine, assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach $ 29,600, the following calculation must be performed:

16,000 x (1 + 0.056 / 12) ^ Yx12 = 29,600

Y = 11

16,000 x 1.4666 ^ 132 = X

29,581.70 = X

Thus, rounded to the nearest year, it would take 11 years for the account to reach $ 29,600.

Sagot :

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