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Math brain teasers require computations to solve.

 

Puzzle ID:#38319
Fun:*** (2.3)
Difficulty:*** (2.23)
Category:Math
Submitted By:Hrsemn4Aus****

 

 

 



Steve has a bank account that yields 10 percent monthly interest. The trick is that the interest only applies to an amount up to and including $25,000. One of his accounts already has $25,000 in it, Steve decides to deposit the amount of the monthly interest into a new account and let it continue to grow. Assume that the interest on his first account is tabulated before the second and that he has time to remove the excess money and deposit it before the interest is calculated on the subsequent account. Also, round all amounts up to the next penny.

How many months will it take Steve to reach $25,000 (or more) in the second account?

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