SOLUTION: Suppose you deposit $12,000 in a bank account bearing 9.5% interest compounded monthly.
How many months would it take (to the nearest month) for your account balance to top $15
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How many months would it take (to the nearest month) for your account balance to top $15
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Question 976686: Suppose you deposit $12,000 in a bank account bearing 9.5% interest compounded monthly.
How many months would it take (to the nearest month) for your account balance to top $15,000? Use the trial and error method with a calculator to find your answer. Answer by Cromlix(4381) (Show Source):
You can put this solution on YOUR website! 100% + 9.5% = 109.5% = 1.095
12000 x 1.095^n > 15000
1.095^n > 15000/12000
1.095^n > 1.25
n log1.095 > log1.25
n > log1,25/log1.095
n> 2.5
So 3 months is the answer.
Hope this helps:-)
