SOLUTION: How long doyou need to wait to have a total of $2000 if you invest $1600 at 5% intrest?

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Question 891583: How long doyou need to wait to have a total of $2000 if you invest $1600 at 5% intrest?
Answer by nerdybill(7384) About Me  (Show Source):
You can put this solution on YOUR website!
How long doyou need to wait to have a total of $2000 if you invest $1600 at 5% intrest?
.
Assuming "simple interest", we can use:
A = P(1+r)^t
where
A is 2000
P is 1600
i is .05
t is what we're looking for.
.
2000 = 1600(1+.05)^t
2000/1600 = (1.05)^t
1.25 = (1.05)^t
log%281.05%2C1.25%29 = t
4.57 years = t