Question

A person invests 9000 dollars in a bank. The bank pays 4.25% interest compounded
semi-annually. To the nearest tenth of a year, how long must the person leave the
money in the bank until it reaches
14200 dollars?

Answer 1

Answer:

nearly 5.478 years

Step-by-step explanation:

At 0.5n years money will be

9000(1.0425)^n < 14200

Solving inequality

n<log1.0425 1.57777 = 10.965

Answer is 0.5n= 5.478years