SOLUTION: How many years will it take for an initial investment of $15000 to grow to $32300? Assume a rate of interest of 15% compounded daily.
I've been stuck on this problem for what s
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I've been stuck on this problem for what s
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Question 732277: How many years will it take for an initial investment of $15000 to grow to $32300? Assume a rate of interest of 15% compounded daily.
I've been stuck on this problem for what seems like forever...
I've tried plugging it in to this savings formula which is
A=PMT[(1+APR/n)^ny-1 over APR/n] *PMT
A=accumulated amount after so many years, 32300
PMT= which is the initial amount
APR= rate, 15%
n= the number of times per year, which is .15/365 =.000410959
y= we are looking for the years..
I think i need to use log for this , I just do not know how
so if you can help me out, it would be greatly appreciated
-Stephanie Answer by lynnlo(4176) (Show Source):
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