Question

A person invests 9000 dollars in a bank. The bank pays 4.25% interest compounded daily. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 19600?

Answer 1

The person must invest the money in the bank for 18 years to reach $19600, if a person invests 9000 dollars in a bank and the bank pays 4.25% interest compounded daily.

Explanation: