Math Problem Statement

Chase invested $39,000 in an account paying an interest rate of 3.2% compounded daily. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach $66,100?

Solution

Ask a new question for Free

By Image

Drop file here or Click Here to upload

Math Problem Analysis

Mathematical Concepts

Compound Interest
Exponential Growth
Logarithms

Formulas

Compound Interest Formula: A = P(1 + r/n)^(nt)
Logarithmic Rearrangement for Time: t = log(A/P) / (n * log(1 + r/n))

Theorems

Properties of Logarithms
Exponential Growth Theorem

Suitable Grade Level

Grades 10-12