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?

A=P(1+\frac{r}{n})^{nt}
A=P(1+
n
r
​
)
nt

Answer 1

53.2 years

Explanation: first multiply 9000 dollars x 0.065 which is the interest rate. 9000x0.065= 585

now divide 31100 by 585 and round it to the nearest tenth which is 53.2

i hope this helped you.