Wednesday

March 4, 2015

March 4, 2015

Posted by **CrissyXD** on Saturday, March 24, 2012 at 4:46am.

When Aaron invested $100 at 4.5% p.a. annually compounding, it amounted to $142.21. For how many years was it invested?

Is there a way to solve this question without using the formula for compound interest?

- Math -
**Reiny**, Saturday, March 24, 2012 at 9:04amYou could repeatedly divide by 1.045 until you reach appr 100

e.g.

142.21/ 1.045 = 136.086 -- once

136.086/1.045 = 130.2256 --twice

....

109.20/1.045 = 104.50 -- 7 times

104.50/1.045 = 100 -- 8 times

so it took 8 years

**Answer this Question**

**Related Questions**

Math - A=P(1+r)^2 A= interest P= principle interest r= interest rate t= time in ...

Algebra - Compare the future amounts (A) you would have if the money were ...

Algebra - Compare the future amounts (A) you would have if the money were ...

math(compund interest ) - 10.On 16 April 1990, $5000 was invested at 6% ...

math - Money is invested at two rates of interest. One rate is 8% and the other ...

math - you invested $4000 in two accounts paying 2% and 9% annual interest, ...

algebra - Money is invested at two rates of interest. One rate is 8% and the ...

maths - If an amount of Rs 10,000/- is invested at a simple interest of 12% per ...

MATH HELP ASAP! - Randee invested $1000 for college in an account earning 5% ...

Finance math - If $100 is invested at 6% compunded A - annually B - quarterly C...