SOLUTION: A principal of $3800 is invested at 6.25% interest, compounded annually. How many years will it take to accumulate $6000 or more in the account?
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Question 748140: A principal of $3800 is invested at 6.25% interest, compounded annually. How many years will it take to accumulate $6000 or more in the account?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
A principal of $3800 is invested at 6.25% interest, compounded annually. How many years will it take to accumulate $6000 or more in the account?
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A(t) = P(1+(r/n))^(nt)
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6000 = 3800(1+(0.0625/1))^(1*t)
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1.5789 = (1.0625)^t
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t = log(1.5789)/log(1.0625)
t >= 7.53 years
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Cheers,
Stan H.
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