SOLUTION: Suppose that $60,000 is invested at 6% interest, compounded annually. After time t, in years, it grows to the amount A given by the function A(t)=$60,000(1.06)^t. Find the amount o

Algebra ->  Customizable Word Problem Solvers  -> Finance -> SOLUTION: Suppose that $60,000 is invested at 6% interest, compounded annually. After time t, in years, it grows to the amount A given by the function A(t)=$60,000(1.06)^t. Find the amount o      Log On

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Question 608737: Suppose that $60,000 is invested at 6% interest, compounded annually. After time t, in years, it grows to the amount A given by the function A(t)=$60,000(1.06)^t. Find the amount of time after which there will be $300,000 in the account.
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi

A(t)=$60,000(1.06)^t

Find the amount of time after which there will be $300,000 in the account

300000/60000 = (1.06)^t

  5 = (1.06)^t

log5/log(1.06) = t 

  27.62 yrs = t