SOLUTION: I'm trying to solve a future value equation and i need to solve for t. Please i just cant seem to get it the formula is fv=pv(1+r)^t If my fv=1105 pv=250 interest is 8% what is

Question 625920: I'm trying to solve a future value equation and i need to solve for t. Please i just cant seem to get it
the formula is fv=pv(1+r)^t
If my fv=1105 pv=250 interest is 8% what is t(number of years) i need it broke down all the way please because my calculations just aren't coming out right.
PLEASE SOMEBODY HELP ME!
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
the formula is fv=pv(1+r)^t
If my fv=1105 pv=250 interest is 8% what is t(number of years)
-------------
1105 = 250*(1.08)^t
You didn't spec the compounding period, I'll use yearly
1105 = 250*(1.08)^t
1.08^t - 1105/250 = 4.42
t*log(1.08) = log(4.42)
t = log(4.42)/log(1.08)
t =~ 19.31 years
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