SOLUTION: how long will it take 10,000 to grow to 12,000 if it invested at 9% compounded monthly?

Question 758268: how long will it take 10,000 to grow to 12,000 if it invested at 9% compounded monthly?
Answer by nerdybill(7384) (Show Source): You can put this solution on YOUR website!
how long will it take 10,000 to grow to 12,000 if it invested at 9% compounded monthly?
.
Compound interest formula:
A = P(1 + r/n)^(nt)
12000 = 10000(1 + .09/12)^(12t)
12000 = 10000(1 + 0.0075)^(12t)
12000 = 10000(1.0075)^(12t)
1.2 = (1.0075)^(12t)
= 12t
log(1.2)/log(1.0075) = 12t
[log(1.2)/log(1.0075)]/12 = t
2.03 years = t

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