SOLUTION: Tim has a savings account with the bank. The bank pays him 1% per year. He has $6,000 and wonders when it will reach $6,100. When will his savings reach $6,100? If necessary, round
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Question 1176593: Tim has a savings account with the bank. The bank pays him 1% per year. He has $6,000 and wonders when it will reach $6,100. When will his savings reach $6,100? If necessary, round your answer to the nearest whole number.
Considering interest is calculated yearly, it will take Tim approximately...?... years(s)
Answer by Solver92311(821) (Show Source): You can put this solution on YOUR website!
A principal value, 
, invested at 
per annum compounded 
times per year for 
years has a future value, 
, of
^{nt})
Plug in the values you know and then solve for . Hint: Take the log of both sides.
John
My calculator said it, I believe it, that settles it
From
I > Ø
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