SOLUTION: principal of $3500 is invested at 5.75% interest, compounded annually. How many years will it take to accumulate $5000 or more in the account?

Question 1146618: principal of $3500
is invested at 5.75%
interest, compounded annually. How many years will it take to accumulate $5000
or more in the account?
Answer by greenestamps(13200) (Show Source): You can put this solution on YOUR website!

The principal gets multiplied by 1 plus the interest rate each year. You need to determine the number of years it will take $3500 to grow to $5000:

The variable is in an exponent, so solve using logarithms.

Or on a graphing calculator graph and and find where the graphs intersect.
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