SOLUTION: How long will it take for $2,500 to grow to $10,000 if it is invested in account paying 6.25% per year compounded annually?
Write your answer in years rounded to one decimal pla
Algebra.Com
Question 296813: How long will it take for $2,500 to grow to $10,000 if it is invested in account paying 6.25% per year compounded annually?
Write your answer in years rounded to one decimal place.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
How long will it take for $2,500 to grow to $10,000 if it is invested in account paying 6.25% per year compounded annually?
Write your answer in years rounded to one decimal place.
------------------------------------------
A(t) = P(1+(r/n))^(nt)
10,000 = 2500(1+(0.0625/1)^(1*t)
4 = (1.0625)^t
t*ln(1.0625)=ln(4)
t = [ln(4)]/[ln(1.0625)]
---
t = 22.87 yrs
Rounded: t = 22.9 yrs
===========================
Cheers,
Stan H.
===========================
RELATED QUESTIONS
How long will it take for $4,500 to grow to $10,000 if it is invested in an account... (answered by jorel1380)
If $500 is deposited in an account paying 8.6% annual interest, compounded continuously,... (answered by Fombitz)
If $ 500 is decompressed in an account paying 8.5% annual interest, compounded... (answered by ikleyn,ankor@dixie-net.com)
How long will it take for $500 to double if it is invested at 6% annual interest... (answered by stanbon)
$2500 is invested at 6% per year compounded annually. How long will it take this... (answered by addingup)
A person invested $3000.00 in an account paying 2% simple interest. How long will it take (answered by rfer)
Exponential and Logarithmic Functions.
Compound Interest. If $500 is deposited in an... (answered by stanbon,venugopalramana)
How long will it take for $7 000 to double if it is invested at 6.0% annual interest... (answered by jim_thompson5910)
How many years does it take for $500 to grow to $1000 in an account paying 12.6%... (answered by ewatrrr)