SOLUTION: How long will it take $3000 to grow to $23000 if it is invested at 7% compounded monthly?

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Question 1000342: How long will it take $3000 to grow to $23000 if it is invested at 7% compounded monthly?
Answer by stanbon(75887) About Me  (Show Source):
You can put this solution on YOUR website!
How long will it take $3000 to grow to $23000 if it is invested at 7% compounded monthly?
A(t) = P(1+(r/n))^(n*t)
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23000 = 3000(1+(0.07/12))^(12t)
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1.00583^12t = (23/3)
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12t*log(1.00583) = log(23/3)
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12t = log(23/3)/log(1.00583)
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12t = 350.40
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time = 29.19 years
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Cheers,
Stan H.
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