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kirill [66]
3 years ago
5

A person invests $1000 in a bank. The bank pays 6% interest compounded monthly. To the nearest tenth of a year, how long must th

e person leave the money in the bank until it reaches $3300
Mathematics
1 answer:
liraira [26]3 years ago
8 0

Answer:

18 years, 4 months and 10 days.

Step-by-step explanation:

Given that the person invests $ 1000 in an account with compound interest each month, with an interest rate of 6%, to determine how long the investment must maintain to reach $ 3,000, the following calculation must be performed:

3,000 = 1,000 (1 + 0.06 / 12) ^ Yx12

3,000 = 1,000 (1 + 0.06 / 12) ^ 18.36x12

3,000 = 3,000

Therefore, the person must keep his investment for a period of 18.36 years. Since 12 x 0.36 is equal to 4.32, the total investment time should be 18 years, 4 months and 10 days.

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6 0
3 years ago
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irina1246 [14]

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Check the picture below.

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