Question

g Suppose you deposit $1,091.00 into an account 6.00 years from today that earns 12.00%. It will be worth $1,728.00 _____ years from today.

Answer 1

Solution :

Initial amount is : $1091 .

Rate, r = 0.12 .

Let, amount will be $1728 in t years.

So,

$1728 = 1091( 1 + 0.12t )\\\\1 + 0.12t = \dfrac{1728}{1091}\\\\1 + 0.12t = 1.58\\\\0.12t = 0.58\\\\t = \dfrac{0.58}{0.12}\\\\t = 4.8\ years$

Hence, this is the required solution.