SOLUTION: If you invest $3,900 at a 7.83% simple annual interest rate, approximately how long will it take for you to have a total of $10,000?

Question 1091947: If you invest $3,900 at a 7.83% simple annual interest rate, approximately how long will it take for you to have a total of $10,000?
Found 2 solutions by jorel1380, MathTherapy:
Answer by jorel1380(3719) (Show Source): You can put this solution on YOUR website!
The annual interest rate is 7.83%. So:
10000=3900(1+0.078)^y, where y is the number of years to maturity. So:
10000/3900=1.078^y
2.5641025641025641025641025641026=1.078^y
ln 2.5641025641025641025641025641026=1.078^y=y ln 1.078
y=12.5368 years before the account reaches 10000
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Answer by MathTherapy(10555) (Show Source): You can put this solution on YOUR website!

If you invest $3,900 at a 7.83% simple annual interest rate, approximately how long will it take for you to have a total of $10,000?

If the interest rate at the end of the year is withdrawn, then it's:
Time =
If interest is not withdrawn then the interest would be COMPOUNDED, and less time would be required to reach $10,000.
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