SOLUTION: If a bank returns $25,000 with compounded interest, how long was the money left in the bank? rate of 8%. How do I use logarithms to find the answer? I have tried to use my textbook

Question 29185: If a bank returns $25,000 with compounded interest, how long was the money left in the bank? rate of 8%. How do I use logarithms to find the answer? I have tried to use my textbook for help but I still do not understand. Thank you.
Answer by atif.muhammad(135) (Show Source): You can put this solution on YOUR website!
This question cannot be solved without knowing how much money there was originally in the bank.
* = 25000
where x = amount of money at the start, y=number of years the money was there.
x= 20000 (according to your reply!)
20000 * = 25000
=
= 1.25
This calls for us to use the 3rd Logarithmic Law.
If you need to know which one I'm talking about, then consult this website:
http://www.themathpage.com/aPreCalc/logarithms.htm#laws

= 1.25
=
y =
y = 2.899435195 years
We will round off the number of years to the nearest whole number. However, your textbook may not so use my answer below with caution.
y = 3yrs. The money was there for 3 years.
RELATED QUESTIONS
Rose makes an investment worth Php 15,000 in a savings bank paying 14% compounded... (answered by Theo)

Please help I am stuck on this problem :( 3) The formula for calculating the amount of (answered by stanbon)

A person invests 6000 dollars in a bank. The bank pays 6% interest compounded daily. To... (answered by lwsshak3)

Having trouble with this one Suppose you deposit $20,000 for 3 years at a rate of 8%. (answered by fractalier)

A person invests a total of R200 000 in money-market accounts at three different banks: (answered by Boreal)

I need help with this question please.. Warwick wins $2800 and decides to start a... (answered by rfer)

The formula for calculating the amount of money returned for deposit money into a bank... (answered by stanbon)

If a bank returned to us/me $15,000 with the bank compounding continously when using... (answered by Nate)

The left bank is offering CD�s at 5%. The right bank is offering a money market account... (answered by dkppathak)