SOLUTION: An initial amount of �6000 is your savings account. The bank is giving you interest at the rate of 10% per year (annum). After n years the amount of money stored in your bank accou

Question 1079422: An initial amount of �6000 is your savings account. The bank is giving you interest at the rate of 10% per year (annum). After n years the amount of money stored in your bank account will be �6000*(1.10)^n, where n is the
number of years. Evaluate after how many years you will
have �22000 deposited in your bank account?
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
22000=6000(1.1)^n
11/3=1.1^n, dividing by 6000 both sides and reducing fractions
ln both sides
ln (11/3)=n ln (1.1)
taking the ln (11/3) and dividing by ln (1.1)
n=13.63 years
Check.
6000*(1.1)^13.63=$21,995.49, within rounding error.
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