SOLUTION: How many years will it take for an initial investment of $12000 to grow to $26300 if it earns 4% interest compounded daily. Assume there are 365 days in a year. Express you answer
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Question 597902: How many years will it take for an initial investment of $12000 to grow to $26300 if it earns 4% interest compounded daily. Assume there are 365 days in a year. Express you answer to the nearest hundreth of a year.
Answer by solver91311(24713) (Show Source): You can put this solution on YOUR website!
^{nt})
where
is the future value
is the present value
is the annual interest rate expressed as a decimal.
is the number of compounding periods in a year.
is the number of years.
^{nt}\ =\ \frac{A}{P})
^{nt}\right)\ =\ \ln\left(\frac{A}{P}\right))
\right)\ =\ \ln\left(\frac{A}{P}\right))
}{n\ln\left(\left(1\ +\ \frac{r}{n}\right)\right)})
Plug in your given values and beat your calculator into submission. Note: Use of the natural logs is optional. Choose any base you like commensurate with the capabilities of your calculator or spreadsheet.
John
My calculator said it, I believe it, that settles it
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