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A person invests 10000 dollars in a bank. The bank pays 5.5% interest compounded daily. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 25200 dollars?
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8 votes
A person invests 10000 dollars in a bank. The bank pays 5.5% interest compounded daily. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 25200 dollars?

A=P(1+ nr) nt

User Dazhush
by
5.5k points

2 Answers

5 votes

Answer:

18.4 months

Explanation:

User MrWonderful
by
5.3k points
8 votes

Answer:

The answer is 16.8

User Yamori
by
5.2k points
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