# 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

Algebra ->  Customizable Word Problem Solvers  -> Finance -> 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       Log On

 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(20879)   (Show Source): You can put this solution on YOUR website! 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. 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