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Mark deposited $40,000 in an account that earns compound interest. the annual interest rate is 6%, and the interest is compounded 6 times a year. the current balance in the account is $40,400. how long
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Mark deposited $40,000 in an account that earns compound interest. the annual interest rate is 6%, and the interest is compounded 6 times a year. the current balance in the account is $40,400. how long has the money been invested?

User Ian Harrigan
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1 Answer

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40,400 = 40,000(1 + 0.06/6)^(6t)
n = 0.1667

The money has been invested for 2 months.
User Tran Anh Hien
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