Question

A person invests 2000 dollars in a bank. The bank pays 6.25% 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 5900 dollars?

Answer 1

Answer:

p=2000

r=12.50

a=5900

we have

i=a-p

i=5900-2000

i=3900

again

t=i×100/p×r

3900×100÷2000×12.50

390000÷25000

15.6 (answer)

Answer 2

Answer:

Step-by-step explanation:

17.6