SOLUTION: How long will it take for an investment of $46,000 to grow to $48,600 if the investment earns interest at the rate of 10%/year compounded annually? (Round your answer to one decima

Question 1076332: How long will it take for an investment of $46,000 to grow to $48,600 if the investment earns interest at the rate of 10%/year compounded annually? (Round your answer to one decimal place.)
Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
The future value of an investment is P*(1+r/n)^nt, where P is the principal, r is the interest rate, n is the amount of compounding periods per year, and t is the number of years. So:
48600=46000*(1.10)^t
1.0565217391304347826086956521739=(1.10)^t
ln 1.0565217391304347826086956521739=ln (1.1)^t
ln 1.0565217391304347826086956521739=t ln(1.1)
1.0565217391304347826086956521739/ln 1.1=t
t=0.57687578105752534878401869924285, or .5769 years. ☺☺☺☺
RELATED QUESTIONS
A sum of $2500, 000 earns interest at a rate of 12% per year compounded quarterly. How... (answered by ikleyn,solver91311)

A sum of $2500, 00 earns interest at a rate of 12% per year compounded quarterly. How... (answered by greenestamps,josgarithmetic,ikleyn)

How long will it take an investment of $1,000 to double if the investment earns interest... (answered by mananth)

How long will it take an investment of $2000 to double if the investment earns interest... (answered by mananth)

A sum of $250,000 earns interest at a rate of 12% per year compounded quarterly. How long (answered by solver91311,ikleyn)

Sum of $250,000 earns interest at a rate of 12% per year compounded quarterly. How long... (answered by Boreal)

If interest is earned at the rate of 5%, compounded annually, how long will it take an... (answered by addingup)

An investment of $4950 earns 11%/a compounded semi-annually. How long will it take for... (answered by greenestamps,ikleyn,Solver92311)

Use logarithms to solve the problem. How long will it take $14,000 to grow to $17,000... (answered by addingup,MathTherapy)