A person invests 5000 dollars in a bank. The bank pays 5.25% interest compounded monthly. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 9600 dollars?

Respuesta :

Answer: 150 months or 12 1/2 years

Month Month Interest Total Interest Balance

1 $21.88 $21.88 $5,021.88

2 $21.97 $43.85 $5,043.85

3 $22.07 $65.91 $5,065.91

4 $22.16 $88.08 $5,088.08

5 $22.26 $110.34 $5,110.34

6 $22.36 $132.69 $5,132.69

7 $22.46 $155.15 $5,155.15

8 $22.55 $177.70 $5,177.70

9 $22.65 $200.36 $5,200.36

10 $22.75 $223.11 $5,223.11

11 $22.85 $245.96 $5,245.96

12 $22.95 $268.91 $5,268.91

13 $23.05 $291.96 $5,291.96

14 $23.15 $315.11 $5,315.11

15 $23.25 $338.37 $5,338.37

16 $23.36 $361.72 $5,361.72

17 $23.46 $385.18 $5,385.18

18 $23.56 $408.74 $5,408.74

19 $23.66 $432.40 $5,432.40

20 $23.77 $456.17 $5,456.17

21 $23.87 $480.04 $5,480.04

22 $23.98 $504.02 $5,504.02

23 $24.08 $528.10 $5,528.10

24 $24.19 $552.28 $5,552.28

25 $24.29 $576.57 $5,576.57

26 $24.40 $600.97 $5,600.97

27 $24.50 $625.47 $5,625.47

28 $24.61 $650.09 $5,650.09

29 $24.72 $674.80 $5,674.80

30 $24.83 $699.63 $5,699.63

31 $24.94 $724.57 $5,724.57

32 $25.04 $749.61 $5,749.61

33 $25.15 $774.77 $5,774.77

34 $25.26 $800.03 $5,800.03

35 $25.38 $825.41 $5,825.41

36 $25.49 $850.89 $5,850.89

37 $25.60 $876.49 $5,876.49

38 $25.71 $902.20 $5,902.20

39 $25.82 $928.02 $5,928.02

40 $25.94 $953.96 $5,953.96

41 $26.05 $980.01 $5,980.01

42 $26.16 $1,006.17 $6,006.17

43 $26.28 $1,032.45 $6,032.45

44 $26.39 $1,058.84 $6,058.84

45 $26.51 $1,085.35 $6,085.35

46 $26.62 $1,111.97 $6,111.97

47 $26.74 $1,138.71 $6,138.71

48 $26.86 $1,165.57 $6,165.57

49 $26.97 $1,192.54 $6,192.54

50 $27.09 $1,219.63 $6,219.63

51 $27.21 $1,246.84 $6,246.84

52 $27.33 $1,274.17 $6,274.17

53 $27.45 $1,301.62 $6,301.62

54 $27.57 $1,329.19 $6,329.19

55 $27.69 $1,356.88 $6,356.88

56 $27.81 $1,384.69 $6,384.69

57 $27.93 $1,412.63 $6,412.63

58 $28.06 $1,440.68 $6,440.68

59 $28.18 $1,468.86 $6,468.86

60 $28.30 $1,497.16 $6,497.16

61 $28.43 $1,525.59 $6,525.59

62 $28.55 $1,554.14 $6,554.14

63 $28.67 $1,582.81 $6,582.81

64 $28.80 $1,611.61 $6,611.61

65 $28.93 $1,640.54 $6,640.54

66 $29.05 $1,669.59 $6,669.59

67 $29.18 $1,698.77 $6,698.77

68 $29.31 $1,728.07 $6,728.07

69 $29.44 $1,757.51 $6,757.51

70 $29.56 $1,787.07 $6,787.07

71 $29.69 $1,816.77 $6,816.77

72 $29.82 $1,846.59 $6,846.59

73 $29.95 $1,876.54 $6,876.54

74 $30.08 $1,906.63 $6,906.63

75 $30.22 $1,936.85 $6,936.85

76 $30.35 $1,967.19 $6,967.19

77 $30.48 $1,997.68 $6,997.68

78 $30.61 $2,028.29 $7,028.29

79 $30.75 $2,059.04 $7,059.04

80 $30.88 $2,089.92 $7,089.92

81 $31.02 $2,120.94 $7,120.94

82 $31.15 $2,152.10 $7,152.10

83 $31.29 $2,183.39 $7,183.39

84 $31.43 $2,214.81 $7,214.81

85 $31.56 $2,246.38 $7,246.38

86 $31.70 $2,278.08 $7,278.08

87 $31.84 $2,309.92 $7,309.92

88 $31.98 $2,341.90 $7,341.90

89 $32.12 $2,374.02 $7,374.02

90 $32.26 $2,406.29 $7,406.29

91 $32.40 $2,438.69 $7,438.69

92 $32.54 $2,471.23 $7,471.23

93 $32.69 $2,503.92 $7,503.92

94 $32.83 $2,536.75 $7,536.75

95 $32.97 $2,569.72 $7,569.72

96 $33.12 $2,602.84 $7,602.84

97 $33.26 $2,636.10 $7,636.10

98 $33.41 $2,669.51 $7,669.51

99 $33.55 $2,703.06 $7,703.06

100 $33.70 $2,736.77 $7,736.77

101 $33.85 $2,770.61 $7,770.61

102 $34.00 $2,804.61 $7,804.61

103 $34.15 $2,838.76 $7,838.76

104 $34.29 $2,873.05 $7,873.05

105 $34.44 $2,907.49 $7,907.49

106 $34.60 $2,942.09 $7,942.09

107 $34.75 $2,976.84 $7,976.84

108 $34.90 $3,011.73 $8,011.73

109 $35.05 $3,046.79 $8,046.79

110 $35.20 $3,081.99 $8,081.99

111 $35.36 $3,117.35 $8,117.35

112 $35.51 $3,152.86 $8,152.86

113 $35.67 $3,188.53 $8,188.53

114 $35.82 $3,224.36 $8,224.36

115 $35.98 $3,260.34 $8,260.34

116 $36.14 $3,296.48 $8,296.48

117 $36.30 $3,332.77 $8,332.77

118 $36.46 $3,369.23 $8,369.23

119 $36.62 $3,405.85 $8,405.85

120 $36.78 $3,442.62 $8,442.62

121 $36.94 $3,479.56 $8,479.56

122 $37.10 $3,516.66 $8,516.66

123 $37.26 $3,553.92 $8,553.92

124 $37.42 $3,591.34 $8,591.34

125 $37.59 $3,628.93 $8,628.93

126 $37.75 $3,666.68 $8,666.68

127 $37.92 $3,704.59 $8,704.59

128 $38.08 $3,742.68 $8,742.68

129 $38.25 $3,780.93 $8,780.93

130 $38.42 $3,819.34 $8,819.34

131 $38.58 $3,857.93 $8,857.93

132 $38.75 $3,896.68 $8,896.68

133 $38.92 $3,935.60 $8,935.60

134 $39.09 $3,974.70 $8,974.70

135 $39.26 $4,013.96 $9,013.96

136 $39.44 $4,053.40 $9,053.40

137 $39.61 $4,093.01 $9,093.01

138 $39.78 $4,132.79 $9,132.79

139 $39.96 $4,172.74 $9,172.74

140 $40.13 $4,212.88 $9,212.88

141 $40.31 $4,253.18 $9,253.18

142 $40.48 $4,293.66 $9,293.66

143 $40.66 $4,334.32 $9,334.32

144 $40.84 $4,375.16 $9,375.16

145 $41.02 $4,416.18 $9,416.18

146 $41.20 $4,457.37 $9,457.37

147 $41.38 $4,498.75 $9,498.75

148 $41.56 $4,540.31 $9,540.31

149 $41.74 $4,582.05 $9,582.05

150 $41.92 $4,623.97 $9,623.97

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