SOLUTION: A principal of $3500 is invested at 6.5% interest, compounded annually. How many years will it take to accumulate $6000 or more in the account?

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Question 627830: A principal of $3500 is invested at 6.5% interest, compounded annually. How many years will it take to accumulate $6000 or more in the account?
Answer by reviewermath(518) About Me  (Show Source):
You can put this solution on YOUR website!
3500%281.065%29%5Et+=+6000
1.065%5Et+=+6000%2F3500
1.065%5Et+=+12%2F7
tln%281.065%29+=+ln%2812%2F7%29
t+=+%28ln%2812%2F7%29%29%2Fln%281.065%29+
= 8.5589 years or more