Question

$1250 were deposited into an account with

a 8% interest rate, compounded annually.
How many years was it in the bank
if the current amount is $4625?

Answer 1

17

Reason:

`4625=1250(1+(0.08)/(1))^(1*x)`

x is 16.9999, but rounding it to the nearest year it is 17

Answer 2

Explanation:

The interest of the first year equal6

8% x 1250 = $100

(y) stands for number of years

1250 + (y * 8% * 1250) = 4625

100y = 3375

y = 33.75

That's the number of years lol

33 years and 3/4 of a year it's like 3/4 * 12 = 9 months

So the answer is 33 years and 9 months exactly