SOLUTION: How long will it take $15,000 to grow to $17,000 if the investment earns interest at the rate of 5%/year compounded monthly? Round your answer to the nearest tenth.
Algebra.Com
Question 514867: How long will it take $15,000 to grow to $17,000 if the investment earns interest at the rate of 5%/year compounded monthly? Round your answer to the nearest tenth.
Found 2 solutions by solver91311, lovingmath00:
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
^{mt})
^{12t})
^{12t}\ =\ \frac{17}{15})
Solve for 
John
My calculator said it, I believe it, that settles it
Answer by lovingmath00(2) (Show Source): You can put this solution on YOUR website!
P= $15000
F= $17000
j= 5% i= 5%/12
m =12
t=
t=
t= 2.508 years
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