A person invests 1000 dollars in a bank. The bank pays 6% interest compounded monthly. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 3300 dollars?

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asked Oct 3, 2021 154k views

5 votes

A person invests 1000 dollars in a bank. The bank pays 6% interest compounded

monthly. To the nearest tenth of a year, how long must the person
leave the money
in the bank until it reaches 3300 dollars?

Mathematics
high-school

Mickdekkers asked

by Mickdekkers

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1 Answer

2 votes

Answer:

t=19.94841\approx 19.9 \text{ years}

t=19.94841≈19.9 years

Explanation:

Evan Levesque answered Oct 7, 2021

by Evan Levesque

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