Question

Riley invested $8,500 in an account paying an interest rate of 3.8% compounded daily. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach $18,040?

Answer:

Answer 1

First we subtract 8,500 from the 18,040. What we get from that is 9540. Now we divide 9,540 by 3.8 and see what we get. What we get is 2510.52631579 which means it would take around 2510.52631579 days to pay 18,040. In total that rounds to 7 years. Rounding up by the way

Explanation: