SOLUTION: Determine when, to the nearest year, $1,000 invested at 5% per year, compounded daily, will be worth $10,000

Question 1108233: Determine when, to the nearest year, $1,000 invested at 5% per year, compounded daily, will be worth $10,000
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Determine when, to the nearest year, $1,000 invested at 5% per year, compounded daily, will be worth $10,000
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A(t) = P(1+(r/n))^(n*t)
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10,000 = 1000(1+0.05/365))^(365t)
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10 = 1.000136986^(365t)
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365t = log(10)/log(1.000136986) = 1/0.000059488 = 16810.11
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t (to the nearest year) = 46 years
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Cheers,
Stan H.
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