A person invests 3500 dollars in a bank. The bank pays 5% interest compounded semi-annually. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 8900 dollars?

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Zaffiro asked May 10, 2022

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25 votes

A person invests 3500 dollars in a bank. The bank pays 5% interest compounded

semi-annually. To the nearest tenth of a year, how long must the person leave the
money in the bank until it reaches 8900 dollars?
r
A = P(1 + )nt
n

Mathematics
high-school

Zaffiro asked May 10, 2022

by Zaffiro

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1 Answer

9 votes

Answer: 18.9

A=8900

P= 3500

r = 0.05

n = 2 (semi-annually)

T= 18.9

Siddhartha answered May 16, 2022

by Siddhartha

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