SOLUTION: How many months would it take for $6,900 to grow to $7,624.50 at 8.4%?

Question 1108312: How many months would it take for $6,900 to grow to $7,624.50 at 8.4%?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
formula
A=Ao(1+r/t)^nt
7624.50=6900(1+.084/12)^12n
1.105=1.007^12n
ln both sides
ln 1.105=12n ln (1.007)
n=ln(1.105)/(12*ln(1.007))
n=1.192 years or 14.3 months.
(in one year, it would be $7479.60, so this is a reasonable answer.)

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