SOLUTION: If Liera deposiTS five thousand pesos into an account paying six percent annual interest compounded monthly, how long until there is P8000 in the account?

Question 1139016: If Liera deposiTS five thousand pesos into an account paying six percent annual interest compounded monthly, how long until there is P8000 in the account?
Answer by ikleyn(52803) (Show Source): You can put this solution on YOUR website!
.

8000 = ,


where n is the number of months.


 = 


 = 


 = 


n =  = 94.2.


ANSWER.  95 months, or about 8 years.


CHECK.    = 8030.56.   ! Correct !

Solved.

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