SOLUTION: YOU INVEST 4000 DOLLARS AT 6% COMPOUNDED MONTHLY, WHEN WILL YOU HAVE 25000 DOLLARS?

Question 366573: YOU INVEST 4000 DOLLARS AT 6% COMPOUNDED MONTHLY, WHEN WILL YOU HAVE 25000 DOLLARS?

Answer by amoresroy(361) (Show Source): You can put this solution on YOUR website!
YOU INVEST 4000 DOLLARS AT 6% COMPOUNDED MONTHLY, WHEN WILL YOU HAVE 25000 DOLLARS?
Let x = no. of months
A = pr^t
25,000 = 4000(1+.06/12)^x
6.25 = (1.005)^x
(1.005)^x = 6.25
Log[(1.005)^x = 6.25]
x Log 1.005 = Log 6.25
x = 367.44 say 368
You will have $25,000 after 368 months ( 30 years & 8 months)

RELATED QUESTIONS
You have 70000 dollars to invest for 7 years. Which investment will provide the gather... (answered by Boreal)

1.you deposit $4000 at 7% interest, compounded monthly how many years will it take untill (answered by Boreal,stanbon)

Your first child has just been born. You want to give her a million dollars when she... (answered by josmiceli)

suppose you invest 2000 dollars at an annual interest rate of 5.1% continuously... (answered by rfer)

How long will it take to earn your first million dollars if you annually invest $1000... (answered by MathLover1,MathTherapy)

The problem is a word problem it goes like this... You invest 2,000 dollars at an... (answered by stanbon)

if you invest 35,000 dollars today at 8%, how much money will you have in 9... (answered by Fombitz)

1. How much will you have in 10 years if you invest $20,000 at 6% compounded annually? (answered by ikleyn,Boreal)

If I have 10,000 dollars to invest at 8% compounded quarterly, how long will it take to... (answered by scott8148)