Compound Interest Math Problem
Favorites|Homepage
Subscriptions | sitemap
HOME > Mathematics > Compound Interest Math Problem

Compound Interest Math Problem

[From: ] [author: ] [Date: 11-05-03] [Hit: ]
......
You deposit $2000 into an account that pays 2% annual interest compounded quarterly. How long will it take for the balance to reach $2,500?

-
2500=2000(1+.02/4)^(4t)

t=11.185 years=(11 years 2 months 6 days 14 hours and 24 minutes)
1
keywords: Interest,Compound,Problem,Math,Compound Interest Math Problem
New
Hot
© 2008-2010 http://www.science-mathematics.com . Program by zplan cms. Theme by wukong .