SOLUTION: Hi in the formula A=P(1+i)^N the formula for compound interest how do you find what N equals with out having to guess and check. Thank you, Lachlan

Question 851560: Hi in the formula A=P(1+i)^N the formula for compound interest how do you find what N equals with out having to guess and check.
Thank you,
Lachlan
Answer by josmiceli(19441) (Show Source): You can put this solution on YOUR website!
Are you given , and ?
Say they are given.

You are asked to find

Divide both sides by

Now you take the log of both sides

So, it takes 24 yrs ( rounded off ) for $500
invested @ 6%, compounded annually to
become $2,000
check:

By my calculator:

close enough
RELATED QUESTIONS
Compound Interest formula: A= P(1+(r/n))^nt I have to use this formula to answer this (answered by Theo)

Hi there so I am having a problem with an exponential equation where we typically use the (answered by ewatrrr)

Determine how much time is required to triple your money if interest is 5.75% and is... (answered by Alan3354,solver91311,Theo)

The formula P(1+r) n to the power gives the balance of a bank account in which P dollars... (answered by ankor@dixie-net.com)

with the compound interest formula: A=amount, P=principle, r=annual interest rate, n=# (answered by josmiceli)

Does anyone know how to solve the compound interest formula for RATE? Likely we are... (answered by scott8148)

i'm doing business algebra online in college, and we're now talking about continuous... (answered by Theo)

How do I take the monthly payment formula for compound interest and solve for t? The... (answered by ikleyn,MathTherapy)

Use the formula for compound interest to find A. A = Left parenthesis 1 plus r... (answered by Theo)