Question

A person invests 3500 dollars in a bank. The bank pays 5% 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 8900 dollars?
r
A = P(1 + )nt
n

Answer 1

Answer: 18.9

A=8900

P= 3500

r = 0.05

n = 2 (semi-annually)

T= 18.9