SOLUTION: Tim has a savings account with the bank. The bank pays him 1% per year. He has $6,000 and wonders when it will reach $6,100. When will his savings reach $6,100? If necessary, round

Algebra ->  Equations -> SOLUTION: Tim has a savings account with the bank. The bank pays him 1% per year. He has $6,000 and wonders when it will reach $6,100. When will his savings reach $6,100? If necessary, round      Log On


   

Question 1176593: Tim has a savings account with the bank. The bank pays him 1% per year. He has $6,000 and wonders when it will reach $6,100. When will his savings reach $6,100? If necessary, round your answer to the nearest whole number.

Considering interest is calculated yearly, it will take Tim approximately...?... years(s)
Answer by Solver92311(821) About Me  (Show Source):
You can put this solution on YOUR website!


A principal value, , invested at per annum compounded times per year for years has a future value, , of



Plug in the values you know and then solve for . Hint: Take the log of both sides.


John

My calculator said it, I believe it, that settles it

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