SOLUTION: how long will it take to produce 10000 from a 7000 investment at 8 percent compounded monthly?
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Question 701174: how long will it take to produce 10000 from a 7000 investment at 8 percent compounded monthly?
Answer by Alan3354(69443) (Show Source): You can put this solution on YOUR website!
how long will it take to produce 10000 from a 7000 investment at 8 percent compounded monthly?
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10000 = 7000*(1 + 8/12)^t, t in months
(1 + 2/3)^t = 10/7
t*log(1 + 2/3) = log(10/7)
t = log(10/7)/log(1 + 2/3) months
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