SOLUTION: A bank account starts with $700 and earns an annual interest rate of 6%, compounded monthly. What will the balance be after 2 years? B= 789.01 (I know how to solve this part)

Question 1136980: A bank account starts with $700 and earns an annual interest rate of 6%, compounded monthly.
What will the balance be after 2 years?
B= 789.01 (I know how to solve this part)
How long will it take the balance to reach $1000?
t= ? (I'm having trouble solving this part. Any help is appropriated. Thank you!)
Answer by greenestamps(13200) (Show Source): You can put this solution on YOUR website!

For the part you solved, you know the amount of time and you want to know the final balance:

So you did that part right.

For the other part, the formula is the same; but now the final value is known and the amount of time is not:

With the unknown in an exponent, you need to use logarithms to solve the problem.

Use a calculator...; and remember the answer you get is in months.
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