SOLUTION: using A=P(1+r/n)^nt how long must $4700 be in a bank at 5% compounded annually to become $6944.04?

Question 243862: using A=P(1+r/n)^nt how long must $4700 be in a bank at 5% compounded annually to become $6944.04?
Answer by nerdybill(7384) (Show Source): You can put this solution on YOUR website!
using A=P(1+r/n)^nt how long must $4700 be in a bank at 5% compounded annually to become $6944.04?
.
If compounded annually, n would be 1 so now we have
A=P(1+r)^t
.
A = 6944.04
P = 4700
r = .05
.
A=P(1+r)^t
6944.04 = 4700(1+.05)^t
6944.04 = 4700(1.05)^t
6944.04 = 4700(1.05)^t
1.4775 = (1.05)^t
Taking log base 1.05 of each side AND applying the "change of base":
log(1.4775)/log(1.05) = t
8 years = t

RELATED QUESTIONS
Find how long it takes for $1400 to double if it is invested at 3% interest compounded... (answered by nerdybill)

Given A=P(1+r/n)^nt find how long it takes for an investment to double if it is invested... (answered by stanbon)

Isabella invested $500 at 6% annual interest, compounded quarterly. The value, A, of an (answered by stanbon)

Isabella invested $500 at 6% annual interest, compounded quarterly. The value, A, of an... (answered by Theo)

If $5000 is deposited in an account paying 6% compounded annually how much will you have... (answered by nerdybill)

How long will it take $2900 being invested at 7% compounded quarterly to double? Use... (answered by tommyt3rd)

Find how long it takes for $1500 to double if it is invested at 7% interest compounded... (answered by stanbon)

if an investment of $ p earns interest at an annual rate r,and the interest is... (answered by lwsshak3)

Sara opens a bank account with $200. The account accrues 2% interest compounded annually. (answered by Boreal)