Question

A person invests 9000 dollars in a bank. The

bank pays 6.5% interest compounded daily.
To the nearest tenth of a year, how long
must the person leave the money in the bank
until it reaches 31100 dollars?

Answer 1

19 years approx

Explanation:

Given dta

P= $9000

r= 6.5%

A= $31100

Calculate time, solve for t

t = ln(A/P) / r

substitute

t= ln(31100/9000)/0.06.5

t= ln(3.45)/0.06.5

t= 1.23/ 0.065

t= 18.92

Hence the time is 19 years approx