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Mark deposited $40,000 in an account that earns compound interest. the annual interest rate is 6%, and the interest is compounded 6 times a year. the current balance in the acco…

Mark deposited $40,000 in an account that earns compound interest. the annual interest rate is 6%, and the interest is compounded 6 times a year. the current balance in the acco…
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Mark deposited $40,000 in an account that earns compound interest. the annual interest rate is 6%, and the interest is compounded 6 times a year. the current balance in the account is $40,400. how long has the money been invested?

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User Ian Harrigan
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7.6k points

1 Answer

3 votes
40,400 = 40,000(1 + 0.06/6)^(6t)
n = 0.1667

The money has been invested for 2 months.
answered
User Tran Anh Hien
by
7.6k points
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