document.write( "Question 795434: how long will it take $2000 to grow to $24000 is it is invested at 5% compounded monthly \n" ); document.write( "
Algebra.Com's Answer #480981 by DrBeeee(684)\"\" \"About 
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Use the formula
\n" ); document.write( "(1) B = P*(1 + r/12)^(12*t)
\n" ); document.write( "Where
\n" ); document.write( "B = balance of the investment of
\n" ); document.write( "P = principal amount after which appreciates at
\n" ); document.write( "r = annual rate for
\n" ); document.write( "t = years when compounded
\n" ); document.write( "monthly = 12
\n" ); document.write( "Then you have
\n" ); document.write( "(2) 24000 = 2000*(1+0.05/12)^(12*t) or
\n" ); document.write( "(3) 12 = (1 + 5/1200)^(12*t)
\n" ); document.write( "Take the ln of each side to get
\n" ); document.write( "(4) ln(12) = 12*t*ln(1 + 5/1200) or
\n" ); document.write( "(5) t = ln(12)/(12*ln(1+5/1200))
\n" ); document.write( "Using your scientific calculator (a necessity) to get
\n" ); document.write( "(6) t = 50.8+ years
\n" ); document.write( "Answer: It will take about 50.8 years for the $2000 investment to grow to $24,000, when the annual 5% rate is compounded monthly. \n" ); document.write( "
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