SOLUTION: How long will it take $4,000 to grow to $23,000 if it is invested at 7% compounded monthly?
Homework question from Hans Beauvoir
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Question 1177041: How long will it take $4,000 to grow to $23,000 if it is invested at 7% compounded monthly?
Homework question from Hans Beauvoir
Answer by ankor@dixie-net.com(22740) (Show Source): You can put this solution on YOUR website!
How long will it take $4,000 to grow to $23,000 if it is invested at 7% compounded monthly?
:
The compound interest formula: , where
A = resulting amt after t time (23000)
P = initial amt (4000)
r = annual interest rate in decimal form (.07)
n = no. of compounding period per yr (12)
t = no. yrs
:
using logs
12t*log(1.005833) = log(5.76)
12t =
12t = 301
t =
t ~ 25 yrs 1 month
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